Zaggle_A platform to address pain points for enterprises

I still have a bit of confusion on its Program fees income stream and associated expenses.

So program fees is mainly interchange fees received by network and acquiring bank (as below Aug con call)

Further when they provide the free credit on the credit cards, they have to bear cost of funds (which is part of Cashback and Incentive line item.

So what I understood from this is that even if they bear the cost of funds, they don’t bear the risk of NPAs? is that correct?

Also, do we need to look at this income stream as we look at an NBFC?