The major reason that BNPL as a model is smashing the big players, and the reason BOT's "Visa and mastercard don't even care about BNPL!" is a wrong argument, is simple - consumers want as much credit as they can get without credit checks/ affordability checks/ regulation.
I used to do approvals for business credit. Wherever you set the application credit limit for "need financials" seems to, for some crazy reason, be the highest application value that comes through.
Why would anyone apply for a $2k credit card when you can get Afterpay?
Why would anyone apply for a $5k credit card when there are 4 different options where you can get 1.5-2k of credit just by putting in your name and phone number?
Zip at least seems to understand that regulation is coming to this sector. When it does, expect pain.
Visa, Master and PayPal are scared of Quadpay, page-32
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