Non-payment is a factor in many businesses.
If BNPL losses due to non-payment are in line with that of credit cards (AMEX 2.7% of loans in 2019), then I think their business model is agreeable. Afterpay appear to be controlling these losses well (0.6% of sales), but I cannot speak for the other BNPL businesses.
APT Chart, page-4655
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