No it doesn't mean customers are moving into interest bearing...

No it doesn't mean customers are moving into interest bearing situations.

It is due to zip accounting methods (portfolio revenue) where they cannot realise the full merchant fee upfront, like Afterpay does. For the zipMoney product, they have to amortise the merchant fee revenue over the interest free period. I.e. a X% merchant fee is realised over the 3/6/12/18 month interest free period. This means as people pay back quicker, the revenue can be booked quicker. It also means that as receivables grow, they continue to build a backlog of revenue which underpins their growth.

This business doesn't run on transaction volume. It runs on receivables. It is a fundamentally different model to Afterpay. They don't start the beginning over every month on zero. If they did not generate any transactions for a whole quarter they would still generate significant revenues. Whereas if Afterpay didn't generate any transaction volume they would only make money from late fees.