Ann: Response to Media Speculation, page-121

"If the BNPL party is over then how come Commbank is adding StepPay to their app?"

I think you are missing the point.... it is precisely the fact institutions are adding their own vanila BNPL offering, that the overall value of BNPL is going lower.

Go back two years bigger players easily charged 6% plus to small to medium time merchants for the privilege of their BNPL platform but going forward 6% fee is less and less likely.

Also unlikely in 2022 but eventually BNPL will be a default offering on every credit card and via other fintechs charging credit card fees.

So in the future when benchmark interest rates are 2% or 3% and base commerical rates are 6% or 7% before premium, how will Z1P convince a merchant to pay X% to cover the running cost?

Hence I am no longer a holder