APT Chart, page-1620

That is correct, you can extend it to credit cards, and human condition is very important observation

Governments are only to aware of the psychological and economic damage caused by Covid and unless steps are taken the deaths from suicide and economic support for chronic depression will be significant

They will be keen to reduce household economic stress and will regulate punitive interest rates and any schemes that cause financial stress on the consumer.

BNPL had a good run as a disrupter but incumbents are moving to protect there position and reduced credit card rates will be a significant blow to BNPL.

APT is priced to include exponential growth and we are already saying steadily declining customer additions in its ANZ market.

It won't be able to replicate those growth rates in other territories due to completion and legislation.

The growth story is coming to and end and it will simply be re rated as a FSP with a single digit PE if it ever makes a profit.