Thanks for the explanation. I didn't realise they were not all...

Thanks for the explanation. I didn't realise they were not all KYC.

The company presentation says "paydentity" transactions, which I thought was he converging of payment and identity (KYC), but matching it to the revenue, it would make sense that they are not all KYC.

So, just unpacking your thoughts on this.

First transaction will be transaction + KYC = "paydentity", subsequent transactions no KYC needed as the customer has already been identified - hence only transaction fee.

Is this the way you see it?