I am looking at earnings potential for the company. Simple logic...

I am looking at earnings potential for the company.

Simple logic : Revenue will be ~5% of value transacted.

NPAT margin (estimate): 10%

It makes 50 cents for every $100 in value transacted. So to reach a profit of $100m per year it will need to process $20bn of transactions per year.

They will need to raise at least 5bn in debt funding and if average customer transaction is 1k per year, this means that they need 20m active customers.

How long do you think that retailers will be willing to pay 5% for the service? If i was VISA or Mastercard then i would go to these retailers and say to them that they need to pay the same rate for their transactions.