Klarna nonsense, page-20

I disagree because I don't see merchants offering all BNPL options. I'd expect to see at least 2, maybe 3 but certainly not all options under the sun, which there is a lot of. It's quite likely that most big merchants will want to offer the BNPL with the biggest consumer "following" which also comes with the perks of the most lead referrals through apps.

If this is how it'll unfold then the market leaders Klarna and Afterpay are in the best position to benefit as they will have access to most merchants which will increase customer acquisition, again strengthening their position with the merchants (like a loop). Z1P and SZL (which I also hold) will have a harder time to get a foothold with bigger merchants and may need to give incentives like lower fees etc which could erode their margins.