"how much of that $2k you spend per month is with partnered...

"how much of that $2k you spend per month is with partnered merchants giving Z1P the 4-6% merchant fee, and how much is through Coles/Bunnings giving Z1P 0.7%?"

A key point you still fail to understand is that even though the margins might be lower, by offering products like Tap and Zip, Zip is now getting exposure to everyday spending which it otherwise would not have had access to. This could be a significant amount of spending. So even if the margins are lower, the sheer frequency, volume and value of transactions will more than make up for the reduced margins.

Therefore, it doesn't make sense that you are bashing the lower margins when you are talking about spending that Zip wouldn't even have exposure to had it not been for the tap and Zip payment method or chrome extension.

E.g. seamlessly paying for your fuel and a cheeky meat pie with a cold bev at the servo with Tap and Zip.

I have not even used my debit card since the Tap and Zip function was introduced.

Zip is a digital wallet that is not only disrupting credit cards, but debit cards as well.