There is room for 2, 3 or even 4. Carving out a very specific...

There is room for 2, 3 or even 4. Carving out a very specific market segment, I would suggest, is paramount. What I am suggesting is that first in is best dressed.

There will be room for competition but the vast majority of BNPL providers will not be in a position to provide that competition moving forward.

Scale is key! Second to this how do you expect BNPL players to compete? If a consumer is forced to shop at a very narrow range of stores, stores that they may not ordinarily shop at, in order to access a minimal discount is this viable?

If the big BNPL players are able to operate at a lesser margin to continue to grow scale while the smaller players are focused on meeting short term liquidity requirements I know who I have my bets on

Or a company that gets to scale far quicker than it's competition...... is it really competing with smaller firms with less credibility, market reach, consumer awareness and market trust?

I would suggest not and so too would history.

Again scale is key, the rest can come later.