Short Sell, page-25

You don't seem to understand how the credit cards business works.

Interchange fees are set by the payment networks such as Visa and MasterCard, it is what the merchant pays for receiving payment through VISA and Mastercard.

Card issuing bank take on the default risk and hence the biggest share of interchange fees goes to issuing bank.

So you think that a merchant if given the choice to accept Credit Card or Afterpay, they would choose Afterpay? And forego all the credit cards revenue.