If the merchants see no value in Afterpay's leads, and I imagine...

If the merchants see no value in Afterpay's leads, and I imagine it would be not so exciting that they can discount to Afterpay customers and then pay the merchant fee, and feel great about it, merchants will do a lot of make an extra 1%. Merchants will promote it themselves on-line for that amount of extra margin. Kogan's gross margin is about 17%. Let them keep an extra 1%, and you are talking a 6% increase in gross profit margin equiv, and a doubling on npat margin from about 5% to about 10% on those sales. Kogan's share price might go up 20% or more on that sort of margin increase, if it was on (say) 20% of their sales.

Gotta be super tight-arse to make money on-line.