Arigold's Updated Valuation - Mastercard Partnership Announced!, page-157

I was thinking the same yesterday, what I cannot understand is the banks want a return on their capital so how are they paid?
Citi in todays Financial review said they are looking in to payment plans, although with interest. So banks know if they don't do anything APT will take their market. CC wont go away, but the young and dodgy credit history types will stick with APT but mature will always have a CC.
Also I think a regulated BNPL segment will affect APT etc whereas SPT is in a sweet spot, between the banks, MC, Visa and merchant.
Moat is another thing, they have a patented product, what part is patented?
Anyone have any insights?