Ann: Clearpay reaches 1 million active customers in first year, page-34

And right there is the big problem. So there's 400k people that used clearpay once only in the last 12 months. How many of them do we think just bought something with no thought of ever repaying? With so many out of work and knowing it's not worth afterpays time or money to go after $200 how much of this is just intelligent looting? Why smash windows to get your new pair of shoes when you can just sign up with afterpay and take them for free?

I'm guessing that's why they changed it so you have to pay 1/4 up front since they were seeing this phenomenon take off. The problem is a 100% loss on one transaction takes a heap of good transactions to pay back.