AfterPay is an E-Commerce Business. Apple Pay is a payment method., page-15

PayPal never worried me because it doesn't have a good reputation and isnt being used for in-store purchases. Apple pay on the other hand is already integrated in-store, online and is used by a huge amount of people multiple times a day.

Yes Apple doesn't have a marketplace (at least not yet) but on the flip side they are an accepted payment method pretty much everywhere. This makes it a suitable alternative for people who don't want to worry about "Is Afterpay accepted here?".

That's a different type of threat and for the first time in a long time makes me feel uncomfortable about my oversized BNPL portfolio. Will be looking to trim my holdings in the near future, not because I don't believe in them anymore but to exercise prudent risk management.