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It's not a perfect competition scenario because who is going to download Openpay, Quadpay or whatever other apps there are out there when they already have Afterpay and Z1P pay (for example)? BNPL customers are stickier than you might think, most have a favourite go-to app and they'll use the alternative if the merchant doesn't offer the favourite. This bodes well for the market leader.

In regards to the 4%-6% fees, this is not just a transaction fee, it's also a fee for taking on the credit risk as well as marketing that is created through Afterpay's app and social media presence. There is also evidence that the use of BNPL increases conversion rates and basket sizes in excess of 50%.

If you don't understand what this means then maybe there is a reason you are the marketing guy and not the number crunching or strategy guy. Think about making 15% 3 times on 3 different shirt sales, compared to 20% 2 times on 2 different shirt sales. If said shirts are $100 then scenario 1 gives you $45 while scenario 2 gives you $40. This extra $5 is only looking at basket sizes and does not even take into consideration the conversion benefit. In some cases you'd be making $45 instead of $0.

If merchants disliked Afterpay so much why are they all adopting it?

You're not wrong about dumb money though, sometimes it does feel like 2017 cryptomania. I'm not all that fussed, I bought low ($8), sold high ($34) and recently bought low again ($10). While you scratch your head, hoping to find answers on a (very bias) stock forum, I'm making coin.