Z1P valuations, page-11

Hey mate that's exactly what you'd want to see - i.e. if they are genuinely only getting interchange fees from all Tap&Zip transactions, given the big push in app downloads and promotions over the Xmas period, you'll potentially see the revenue/TTV % crash - like by a few hundred basis points potentially. Hard to know how much exactly, but it would be hard to hide 0.2-0.5% fees in that volume. People also forget that as Zip/Quadpay integrate more enterprise merchants that % will slowly start to come down from the approx. 7% to around about the 4%-5% mark - that is totally fine - what that shows is that a greater proportion of their transactions are coming from larger merchants. If the % crashes down through that, to say 2%-3% then I agree there is absolutely a problem.
What I am sure of however is that if Tap&Zip has effectively zeroed out their in-store transaction revenues, given the volumes in the Dec quarter, you'll see it clearly. Again I think the suggestion is preposterous, but the quarterly will tell us.