I agree with all of what you've said. I would add that, perhaps one of the reasons why APT has a market cap x10 of that of Z1P is that they may be able to leverage their first mover advantage into doing most of what you've listed regarding ecosystem without the need to compromise the $3.8 merchant fee.
For example, Z1P might be taking steps that may hurt their margins (e.g. pay-anywhere) in an attempt to gain market share whereas Afterpay's momentum and networking effect (as per their AGM presentation) will likely continue signing up millions of customers, all realizing 3.8% margins.
It'll be interesting to see how this will all unfold. Before anyone gets their knickers twisted by this comment, please consider the fact that Z1P has a market cap of $3bn while APT has a market cap of $30bn. There are bound to be strategic advantages to APT and that's okay.
This doesn't mean that Z1P can't outperform APT in SP appreciation. I personally feel Z1P will do very well going forward, and while I've offloaded some of my Z1P in the past few months (for TPW and PLS), I'm actually quite itchy to buy some of them back at these prices (but I won't as I have too much exposure to BNPL).
Z1P Price at posting:
$6.18 Sentiment: Hold Disclosure: Held
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