This is the biggest thing people miss with Afterpay. Their...

This is the biggest thing people miss with Afterpay. Their merchant fee is defendable because their 'Afterpay Store' generates 35m leads per month for merchants. so it's not commoditised on the merchant side as one player is delivering the overwhelming majority of incremental sales leads. on the customer side - customers use Afterpay religiously, there is absolutely no evidence that customers shop around multiple BNPL's on a regular basis like a commoditised product. Quite the opposite of fact - average APT customer now transactions 30x per year on the platform and the top 10% are >60x. That is absolutely staggering! more functionality will be built in over time and will begin to resemble a digital wallet with an inbuilt, personalised e-commerce store. iltiamtely, you will be able to Afterpay anywhere - lower margin (interchange fee) but MASSIVE volume. I'm actually more worried about Square and their Cash App as they own both sides - the customer and seller - and if they built in BNPL to their digital wallet I could see that being disruptive. Venmo (PayPal) could also do this, but look to be going a bit slower than Square on the digital wallet side of things. APT is the best of breed in BNPL and, we see this time and time again, winner takes most!