News: APT PayPal Australia takes on Afterpay with no-late fee 'buy now, pay later' offer, page-57

Yes exactly right.

Although I don't like Netflix as a business. It's not clear they will ever actually make any money. There is a finite level of content, and the price you pay for that content goes up the more finite it becomes. As more content is produced the price increases with competition for that quality. The product suffers as a consequence over the long run.

APT don't have that same issue. They don't need to pay more to acquire more eyeballs. They are in fact organically experiencing that with the network effects associated with the mode. Sure they need to pay up front in each new region, but over time the CAC actually decrease, and the consumer spends more over time, with no real need to spend more capital to keep them on the platform (unlike netflix). The model in effect reinforces itself.