Comment # 7 on bug 898475 from Ladislav Slez�k

The password is stored in ~/.zypp/credentials.cat file, as mentioned above it's
a libzypp feature to hide the password from a world readable file:

# zypper ar http://user:password@example.com example
# grep url /etc/zypp/repos.d/example.repo 
baseurl=http://user@example.com/
# cat /root/.zypp/credentials.cat
[http://example.com/]
username = user
password = password