APT vs Z1P H1 COMPARISONS, page-8

Afterpay and Zip revenue not directly comparable but the TTV and revenue growth of afterpay is coming under pressure, zip has other products to compensate if a slowdown in the core service but Afterpay does not and the way they have resisted regulation implies they are not at all prepared for any other products.

Innovation is the name of the game to ride against all headwinds. BNPL is here to stay but the size will be determined on the basis of innovation only!!