What the depression in Australia would do to apt, page-24

"The moats around these BNPL services are pretty slim imo."

Been hearing the no moat cries for years now, over which time APTs customer and merchant base has continued to grow strengthening the network effects of it's business.

If Afterpay doesn't have a moat then does PayPal? Why then aren't banks spinning up digital wallets to crush PayPal.

Maybe APT doesn't have a moat but I'd be interested to understand why you think that is the case.