Ann: Zip unlocks everyday payments with Tap & Zip, page-173

The 4% merchant fee doesn't apply. Z1P makes the $6 monthly fee (only of held over the month) and I'm not sure but I think a tiny transaction fee?

There is risk there that the 4% merchant fee may be carnivalized, as mentioned by the UBS analyst. We won't really know the impact (whether positive or negative) for another couple of quarters. Investors will need to keep a close eye on Z1P's margins over the next few announcements. Any hint of backwards moving margins could have a pretty bad impact on SP, while no change or increasing margins should provide analysts with some comfort and would likely result in SP appreciation. Only time will tell.