Price Target $100, page-10

You don't see a flaw in that business model? haha

Let's say you're a car tire manufacturer. Do you make tires for just one brand of car, or do you make them for use on all cars? hmmm tough one haha.

Wake up dude. Those companies intrinsically cannot have the potential in BNPL that the established BNPL companies have because they are limited by offering the product on their own devices.

Sure they could branch out with their own app. But they won't because it's all about keeping people on their devices and they want to create a one stop shop payment system that is exclusive to them.

Too bad for them that BNPL transcends that kind of thinking. Similar to bank cards in general not being exclusive for use on the smart phone you purchase. No one is interested in being financially locked in to such an extent and people prefer freedom with their money and payment methods.

Apple pay and Google only work well because you can still add and subtract the card when you change product and it is essential in letting you pay on your phone. If you could take the service with you across each device (like with BNPL), then you would do it, and bypass the hassle of switching things.

BNPL simply isn't as an attractive business model to these big players because if they want to succeed further than their self imposed limitations, then they will have to change their brand image and basically become financial banking services. Sure they could do it, but it's unlikely they'll go that hard into the sector, if in fact they ever chose to at all (Apple might cancel their BNPL plans according to the Bloomberg article).