You have completely missed the point.
The type of customer that uses BNPL is in the very lowest percentile for financial products.
They have a necessity to split an average amount of $130 into four payments and even then a huge percentage of them are not able to make payments on time.
https://www.savings.com.au/buy-now-pay-later/horror-show-in-the-making-missed-buy-now-pay-later-repayments-surge-83
I have already shown you that Zip USA is preying on these vulnerable cohort by charging platform fees that equates to 50 to 100 percent APR and the average frequency of use in the last quarter was a little over one times as consumers do not realise they are paying these platform fees at point of purchase.
So ultimately you have a bad product and a impoverished user base, which can only result in insolvency.
Bad debts - why so high?, page-64
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