Ann: Q4 FY22 Quarterly Activities Report (App 4C), page-47

Yes, 80% of shopify merchants probably sell items less than $200-400 so would not see splitit as worthwhile. So of their biggest 10-20% of merchants not all will opt in.

The point is its not as simple as 5% or 35% of a total MSV number.
Its a % of the % of the merchants that splitit is benificial too.

Also, a big point...Tabby is a BNPL app. Therefore 100% of people navigating/shopping through Tabby are there with the end intention of spliting their final purchase and have only 2 options.
1) Legacy BNPL split.
2) Splitits credit card split.
Therefore the % of total transaction through splitit with tabby should be very high.

100% of shopify users are not navigating to use a BNPL in the end. Only 20-30% might be. Then AOV range. Then Merchant toggle on.... % of % of %.

They are 2 totally different sets of consumers so they can not be compared directly like that to estimate MSV.

FYI...I do believe that MSV probably bigger than Tabby would be generated from the top 5% of Shopify "toggled on" splitit users (not overall top 5%). Its just the reasoning that I don't agree with as its not apples with apples.
If 1% of Shopify is through splitit that still massive.
The new pay after delivery product is a big factor that could make it 10% through splitit (all large expensive items)....but Tabby does not use that currently so there is no comparison.

It will be big numbers...but for totally different reasons.