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Afterpay and Zip are brushing away concerns about PayPal's new buy now pay later offering, as their share price takes a hit

The chief executives of Australian buy now, pay later (BNPL) companies have batted away concerns over payments giant PayPal’s entry into the sector, saying the market is big enough to accommodate multiple players.

However, Zip chief executive Larry Diamond is confident the company can outmanoeuvre the “payment elephant” PayPal.“[Zip’s] insatiable appetite for what’s better for users, our deep and ongoing investment in innovation and ability to move quickly – that has and will always separate us from the global payment elephants,” he said.“[BNPL] will become mainstream. As the overall pie increases, we are very well placed to capitalise on the increasing and rapid awareness,” he said.

Meanwhile, Afterpay boss Anthony Eisen said the two platforms were sufficiently differentiated, saying PayPal’s product was “merely offering a transaction solution” compared to Afterpay’s dedicated platform.“Competition from traditional and newer players has been present throughout our journey – we expect this to continue but it will not change our strategy or diminish our global opportunity,” he said.

Similarly, US-based but ASX-listed BNPL operator Sezzle also said there was plenty of room in the market for numerous operators. Sezzle shares are down 20 per cent since Tuesday morning.

“We have always expected further competition in the BNPL space and we are more than prepared for it,” chief executive Charlie Youakim said.