AfterPay is an E-Commerce Business. Apple Pay is a payment method., page-39

Going forward one just need to take stock on how many smaller retialers will say no to APT unless they reduce fees.

Yesterday APT was king.... but there are barbarians at the gate

Basically

1. Today an online merchant can direct anyone using for APT to paypal pay-in-four
2. Very soon Brick"N"Mortar store can say to a customer, "No we dont have APT but do you have ApplePay"
3. In the near future also say "Do you have Google Pay"
4. Someone using APT will have ApplePay or GooglePay

Potential increase in Credit Risk Profile

1. If ApplePay or GooglePay won't accept Pay-in-Four from the specific user due to bad internal credit risk assessment
2. That user can sign up to APT until APT likely cut them off.

However not all is bad, American Express is still a giant in the world of credit even with many virtual or real stores refusing Amex, therefore nothing stopping APT being one of the players