Given the fact that Paypal announced relatively impressive...

Given the fact that Paypal announced relatively impressive customer and merchant numbers for its BNPL product, but (at least based on website traffic and app downloads) Afterpay, Zip, Klarna etc. haven't slowed down at all, it is my theory that Paypal's new offering is going to mainly cannibalize their own payment service, but not detract from the "modern" BNPL apps. This makes intuitive sense to me. If you're an online merchant embedded in the Paypal ecosystem, you'd certainly turn on the Paypal BNPL option. But if you're a new potential customer without any accounts, would you really choose Paypal over Afterpay? I don't believe so, personally. But it will definitely take at least a couple more months to see how the cold hard numbers play out.