The money that comes back goes back out again assuming zero BNPL growth.
Unless they scale back their BNPL transactional volumes the $13mil paid out to merchants will stay out of IOU's bank accounts and just get cycled and cycled to different merchants.
Also the $13mil will get whittled down with $500k and $1mil cash costs in marketing and labour expense respectively.
Do you understand the mechanics here?
Ann: March Quarterly Activities Report, page-39
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