Afterpay - The story, page-26

Every department store in the Western world once had their own 'BNPL' (charge account). The barriers to entry are trivial (a line of credit and some back office transaction processing). What APT 'investors' totally fail to understand is that store credit/BNPL increases sales but is intrinsically unprofitable. So it is worthless as a standalone business.That is why every pure play BNPL provider is unprofitable.