Payments are cyclical. Nov/Dec are the peak transaction volume...

Payments are cyclical. Nov/Dec are the peak transaction volume each year and will be unless there's a massive intake of customers. Not saying you are wrong, just nitpicking because it would be unusual if we don't see peak values at that point in the year. But I like that you are talking about value growth over percentage growth. I don't expect big jumps in percentage growth without a huge deal being announced.

In terms of the figures this week. Sydney was in lockdown last year, Melbourne was not till the 15th. So we've been comparing Sydney only locked down for the last 2 weeks and will soon get data on Sydney and Melbourne being locked down over the next month or two.

Now, given Bendigo's peak volume was in December last year (~0.5b for that month), I don't know how much Bendigo is contributing to further volume growth in Tyro. But their numbers were quite static 0.39->0.5b across the first half last year. I'd assume that they will contribute around that or less to this months figures. This month is on track to around 3.1-3.2b going of the value growth... Last July was 2.6b. So I'm guessing tyro added at least 0.5-0.6b via their own sales. Nothing to laugh at.

Keen to see the FY results. I want to see more details.