Ann: Strategic Partnership with Pioneer Credit, page-11

You are probably right that the data of active merchants and users are never disclosed in any published ann. However I think it is fair to have a glimse of the user activity by reviewing the 'check-ins' and 'prepaid added' and 'repaid used'. Just comparing from the March and Dec quaterly figure-- Check-ins improved from 39.9m to 43.7m (8.7% increase) and prepaid added improved from $5,099,175 to $5,585,785(also 8.7% increase), prepaid used increased from $4,040,521 to $4,451,917 (9.3% increase). So assuming what you said was true that half of the mechants have closed off, the data showed that the business acitivy growed about 9% overall from last month, when deducted the 50% mechants off, it doubles the figure to 18% increase of activity, which is a fantastic result for the mechants sticking with Rewardle dont you reckon?

Also if there is only 10% user using, when you use 240k as active users, 43.7m check in/ 240k user= average 182 check-ins per quarter=2 check-ins per day. That is not a bad outcome because I dont think I have made more than 2 purchase a day anywhere