$3 Party, page-453

Banks won't give you any stats on their BNPL, but they have the pre existing relationships with full contact details, access to bank account data, collections squad already set up - everything, so their cost and risk base is vastly lower. They do stuff below $2,000 so they avoid the full provisions of the credit regulations (checking out affordability, etc which are exempt) and for those above they offer card based purchases split into 4 or 8 portions, same as BNPL but linked to a pre existing credit card, without interest. BNPL can only compete with the pointy end of the market, which is what CS describes as 'underserved' - no credit score, unbanked, new immigrants, etc. Tough gig.