It just won't be used for everything. If they start offering it for $2-10K transactions, ASIC will be on their tails and require credit assessments. Using Afterpay and needing credit assessments will be the same as getting a CC, at least you get points/insurance with the CC.. it will deter people.
Also the bigger Afterpay get, the more degenerates that use the service will default and bad debts will grow. Anyone and everyone can use it, that's great but you attract losers.
It's not as easy to use in stores. A CC is easy, tap and pay or pin etc. Afterpay you need to use an app. This leaves them open to banks offering a simple instalment payment plan on CC purchases.
its great for young people that use the service, but if you are an adult just get a CC. The benefits of paying over 4 fortnights isn't better than points/complimentary insurance/price protection. Plus it's a nightmare if you had 20-30 transactions being debited from your account every month. Just messy.
APT Price at posting:
$67.50 Sentiment: Hold Disclosure: Not Held
