I was also going to reply with the points joewolf made about $10...

I was also going to reply with the points joewolf made about $10 limits and people often pay with cash in cafes and similar. SmartPay targets small business and this would include many cafes and small shops. Many customers would pay cash in these under $10-20 situations to not upset the business owners by using card where they get charged. Also, because they would have those small amounts in their pocket. Especially for things like a single coffee. All those transactions now included will add up with the fee % charged. Also, there are many cash only businesses that may be forced now to get a terminal and accept cards. Agree that cash use % lower these days but will be even less now creating more growth. I like Tyro also but SmartPay is coming from a lower base and more chance for SP multiples.