The banks have already conceded that their credit card divisions will never again be as profitable as they have been in the past. And, of course, that is in response to the emergence of BNPL.
They will continue to swiftly adjust their business models in response to the market. As I said, they will take the good credit risk for themselves and leave the bad debts for others to write off.
CBA - BNPL Disruptor, page-10
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