Ann: Quarterly Report for quarterly period ended June 30, 2022, page-407

The fact that you use Afterpay means nothing. It is completely normal for shareholders to 'eat their own dog food' - even if it makes no sense. [Some BRN shareholders were buying expensive developer kits as 'souvenirs' because they had no ability to use them.]

BNPL has absolutely nothing extra to offer anybody who has access to a normal credit card. BNPL typically has low limits (but a relatively high minimum purchase). Most of the merchants accepting BNPL are very high gross margin businesses offering discretionary purchases or services (hair and beauty, fashion, jewellery etc). The budget stores that traditionally offered lay-by are now using BNPL as an alternative. You can't use BNPL for daily transactions such as coffee, groceries or fuel.

The data is already available for BNPL users. They are mostly young, female and low income. It's a demographic of low, infrequent, spenders with a very high risk of credit default. [The BNPL providers make claims about users being from high income households. But neglect to mention that a very high percentage of these users are students or part-time workers living at home.]

It usually takes about five years for the shine to wear of any new business 'paradigm' (aka crackpot scheme). Then the share price tanks. In inflationary environments with high borrowing costs unprofitable businesses get crushed. BNPL was making very little impact before Covid. After the stimulus money dried up and the economy turned to normal it was obvious it wasn't a viable business plan.