So, 1 KYC transaction for every 20 or so payment transactions....

So, 1 KYC transaction for every 20 or so payment transactions.

That would seem about right?

The "lure" is the KYC, as that us unique. The bread and butter is then the payments. The icing is the settlement.

Basically, we are looking at PayPal mark2, that uses merchants to drive customer acquisition, instead of marketing direct via an eBay style ecosystem like Paypal did. Difference is, the merchants pay ISX to acquire customers! The model doesnt look dissimilar to Paypal, except that Paypal gives the wallet with KYC away in order to attract (unregulated) merchants and end users to its ecosystem, whilst ISX charges for it as a its a mandatory solution for its (regulated) merchants.

Thoughts?