LIMEPAY, page-42

"A consumer is not going to cancel a purchase because a retailer does not offer Afterpay as long as they offer BNPL."

nope, wrong. Probably couldn't be more wrong.

I've done exactly this (and I'm not the main consumer in my household, let alone compared to some BNPL customers). I would hazard a guess there are 10's if not 100's on this forum who could say the same.

Reasons - I don't want to pay interest in any form (a fee for using the service is interest by stealth), I also see no point in having multiple BNPL accounts (I may be different to many on that front, but if I'm going to have only one - why not use the market leading one who offers the most choice of retailers - also I'm a shareholder, which is another obvious reason).

So yes, BNPL as a product is the main interest - but (like your credit card examples, or banks, or car manufacturers) when people do research into BNPL they will chose one (or a few) brand/s to use. This may not be a 'moat' (at the end of the day in this world most things can be copied - it is just whether the copy is as good as the original or not that is the issue) - but it is certainly good for Afterpay's business as a market leader.