Zip has benefited from growth of e-commerce and those in younger demographics, who are either unable to access credit or view traditional credit cards as complicated and expensive. Signing up takes minutes, and the advantage of giving shoppers a way to smooth out expenditure has resulted in merchants reporting increased sales and fewer shoppers abandoning their purchases at checkout. Zip gets paid from merchants and customers. Integrated merchants that offer Zip as a payment option pay Zip a fee as a percentage of the purchase value, and when they use the Zip marketplace for promotions. Customers pay establishments fees, interest, monthly fees, and late fees. Customers tend to increase usage over time, as shoppers become more comfortable with the product, and Zip increases the customer's credit limit based on strong repayment history. This results in larger average spending per customer, a trend we expect to continue.