Z1P - The Rise To $15.00, page-1030

All of this still has to make sense for APT/Z1P though. All this shows is how the merchant benefits. What is also shows is the transaction fee that APT/Z1P makes, in this case $3.8 per $100 transaction. This is highly relevant to Afterpay as that's how their product works.

But Z1P is now dabbling in the pay-anywhere space. So the same table will only apply to any transactions where Z1P collects a merchant fee. But you'd have to replace the $3.8 with something like $0.7 per transaction for any purchase through the pay-anywhere product. The merchants still benefit in the same way, just Z1P makes less.

The only way this makes sense is if the volume increases exponentially and if funding costs continue to decline (likely as time goes by and Z1P becomes more and more proven, but also through Z1P's securitization funding vehicles) and if Z1P can keep default rates in check (also likely as Z1P gets more and more customer data).

Ultimately we just need to hope there isn't too much cannibalizations (e.g. $3.8 replaced with $0.7).