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That's true of a lot of businesses, but in the process they are creating tangible infrastructure and efficiencies of scale.

The problem with BNPL is and always has been that it costs more to acquire a customer than the lifetime revenue generated from said customer.

BNPL users do not use the platform anywhere near enough to overconevthe above hurdle and the transaction margins are to thin to ever correct that.

When you deduct bank and data charges, bad debts, interest expense from your income there is little or nothing left to cover Opex so no matter how much they grow GMV they can never make a profit and the customer base is typically the less financially savy so have little or no capacity for upselling.