Z1P: StefanF vs the people, page-38

As a risk analyst I just wonder if you can provide some evidence on the following:

1. The tap&zip cohort is, on average, less risky than the ZipPay cohort.
2. They will receive 1-1.5% margins on these transaction (I mean why wouldn't Visa want to give up all of their 1.5% fees and make a loss on each transaction since they make nothing to cover operating expenses, let alone make a profit).
3. The margin that is made from tap&zip (I think 0.7% but you think more), half of this will be pure profit. Maybe some evidence in how you came to that conclusion with consideration given to the usual credit provisioning, credit losses, operational costs, funding costs that this needs to cover.

I stopped reading at that point, which is all well because I think you'll have your hands full providing a shred of evidence of the 3 points above. Also, I'm curious what experience you've had in discriminating against different credit quality cohorts (as per point 1).