App store ranks, page-13

I think you are correct in your view on credit needs and each player's place in the market currently.

A large portion of zips success so far can be attributed to people's need to increase their credit limit when afterpay is maxxed out.

However, the key difference I see between the 2 is the foresight and commitment to the long game. I believe afterpay is focused on immediate sales driven operations, where zip has a much broader focus on brand and marketing now to produce rewards 2-5 years away. In my view this will prove to be the core attribute that will reverse the current pecking order in the not too distant future.