AfterPay is an E-Commerce Business. Apple Pay is a payment method., page-23

60% was in BNPL, and was it prudent? It was much lower when i picked up APT at $9 and Z1P at $1.7 so the 60% happened organically. It was just a matter of finding an exit point at some stage. I still think you can be prudent in risk management while being over-exposed as long as it's within risk appetite. A strategy that has served me well. As of yesterday my exposure fell outside my risk appetite.

I have my reasons for why I put a lot of weight into this announcement. I don't want to go into details but my main concern is the vast reach of apple pay, it's integration into every day purchases and the ease in which Apple would be able to allow these users to go to any store, exercise pay-in-4 with the click of a button and it's brand name and people's love for Apple products (assuming Apple actually commits to BNPL). This is materially different to paypal et al and a big enough concern for me to trim my holdings.

Of course you can say that there are many initiatives that Apple won't be able to compete with, at least not for a long time. Market place, loyalty program, existing customer base who love Afterpay etc. Of course I agree, hence why I'm not selling all of my holdings.