No one said BNPL was cyclical. Exactly what I said months ago is...

No one said BNPL was cyclical. Exactly what I said months ago is still true. BNPL is a payment method, not a business model.

Visa and MasterCard dominate the payment networks that credit cards use to process payments. Banks issue credit accessible through these payment networks. The banks in turn make money via the interest from the money that they lend.

This is why Block (Square) were happy to pay for AfterPay. When this payment method is rolled up into their business model the losses are offset. It's attractive to the customer and acts more like a loss leader as more merchants sign up for Block (Square) merchant services such as ecommerce and payment terminals.

This is exactly why the investor should look at the digital payments aspect of the IOU business model. As BNPL increased so too did it's digital payments. IOU has a business model. Sure it could prove to be a failure, but it has more chance of success that companies only offering BNPL. Which as I said, is a payment method and not a business model.