APT Margin Transaction Losses, page-105

the basket size is a fallacy - If i wanted to buy some shoes using a CC, why would i buy shoes and a shirt using BNPL, makes no sense. Even if you think it drags demand forward (as all credit does), eventually this runs out. Simply put APT doesnt mean that customers have more disposable income forever to spend on retail

Spreading lumpy payments over 6 weeks is also a non factor. If i buy a 100 dollar item using a CC, i can pay for it about 50 days later in one payment. Or i can pay for it over 6 weeks in 25 dollar installments. At the end of 6 weeks my cashflow is identical but i have more outlay at any given point using BNPL.