I disagree, BNPL and a CR go hand in hand. No doubt there is capacity to move into BNPL in a small way but that won't have a significant impact on revenue. Interest rates and lines of credit are at all time lows which is creating an new debt bubble that BNPL is feeding. Bad debts is the risk that a BNPL needs to manage, the larger the loan books the larger the cash reserve required as mitigation. PILs negative operating cash flow is going to eat away the cash on hand within 18 months.
Ann: Appendix 2A, page-31
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