No mate that's not correct.
The vast majority of customers drop of the platform
With any technology you have "early adopters" or fans.
They do use the platform regularly but they are not enough to generate a profitable business.
You can see from the company's own numbers that although customer growth looks great in the headline numbers the reality is utilisation factor is roughly halving each year 23 14 ,7 3 .
Do the same exercise with Merchant revenue and you can see revenue per merchant is declining year on year.
They are like the mouse in the round wheel they have to run furiously just to stay in the same spot.
We are seeing customer saturation and fatigue in Australia and other territories with competition emerging are only going to increase customer acquisition costs.
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