Customer numbers have definitely decreased over the last couple of years, you say they are stable, and that might be the case from this point but its still a huge issue when you consider that other bnpl are adding numbers in a huge way, like affirm. zip needs to grow its customer base.
re ANZ ttv you mentioned it increased 6.8% to the previous Q, a company with the seasonal volatility extremes of zip comparing ttv on previous Q is a waste of time. measuring increases from 1st Q to the busy xmas 2nd Q is meaningless in measuring how the company is going. just like using 3Q decreases from xmas 2nd Q..... A better picture is to compare the previous corresponding period. which from the latest update rather than the 6.8% increase QoQ you will see a 11.4% drop on the PCP.
regarding future interest rate cuts (whenever that may be) the argument consumers will be under less pressure ect pay loans, less bad debts ect, on the opposite side of the argument that was made as rates went up that consumers will need to turn to bnpl to get by, it could be argued consumers will no longer need bnpl as they have more cash and no longer need services like zip. just a thought. but even if current users continue using it as a budgeting tool it will place pressure on growing new customers. more downwards pressure on numbers.
anyhow thanks for your input
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