Imo would not be possible for new standalone bnpl to enter and succeed. Zip, Klarna, Affirm etc all got to (and had to get to) a sufficient size from aggressive and costly growth. Imagine starting a new bnpl now - first you have to get merchants on board but it's a bit of a catch 22 because merchants may want to know there are existing customers. New customers may also want a wide range of merchants. Existing bnpl have all this already and imo any smaller bnpls or attempted entries in the more mature markets such as AU and US will gain no traction because of this. Perhaps this also explains why growth at all costs has been a focus of many bnpl for as long as their liquidity permits.
Ann: H1 FY23 Results Update, page-131
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