Fair enough too. What I meant to say is that whether interest rates are at their former zero levels, or high, BNPL businesses remain unprofitable due to a range of factors. Higher interest rates magnify the losses.
'The more BNPL activity you have, the greater the losses you incur'. All classes of expense increase in line with revenues. Bad debts may decrease as a proportion of revenue, but not sufficiently (yet) to make a case for a viable business. However, admin, sales and many other costs rise as revenues do, ensuring losses are maintained. IMO
Ann: Q1 FY24 Results - Zip achieves positive Group cash EBTDA, page-1972
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