Possible target price of $15-20, page-78

I mean more so that traditionally they decided 3.5% +30c (APT around 6%) was the revenue earned in form of transaction fee to offset the risk of default of customer carried through impairment losses.

If they charge only 2% similar to visa/mastercard (who are able to as they don't hold the loan receivable risk of default), they no doubt increase TTV (with new channels/vendors) but in process sacrifice approx halving revenue margins (from 3.5 to 2% fee) which isn't sustainable carrying the loan risk. Is this perhaps why competitors didn't elect to do the 'pay anywhere' feature?

Interestingly also - Quadpay mention only TTV and revenue figures (which are v strong) but don't mention transaction fees - don't stripe charge a huge transaction fee ( approx 1.5% like mastercard) - would be great to see their overall net interest margin on TTV as it'd only likely to be 0.5-1% with loan receivable risk.