Rexyrs, my view why banks are letting this run are:- would...

Rexyrs, my view why banks are letting this run are:
- would immediately cost them hundreds of millions in lost interest if they tried to compete. Afterpay would be costing the Banks very little at the moment as many Afterpay users don't have credit cards (80% have Afterpay deduct their debit cards for the 4 payments... not their credit cards).
- Bad Debts...when you start offering BNPL the bad debts are high before you weed out the poor payers. This is a barrier to entry as Afterpay has already weeded them out. The poor payers would move onto the next BNPL provider...the Banks
- Merchants want their money upfront?. They don't want to wait (Splitit lack of success in signing up retailers is an evidence point). Banks would have to go out and start signing up merchants like Afterpay to get a fee for the service so they can afford to pay Merchant upfront. Then the banks start competing with each other (they already get 1%+ for every transaction now) and they wouldn't like that prospect
- Banks would all have to go out and build an algorithm for BNPL. They don't have this now. Not even close.
- Better for the Banks to let the good times roll !!
- Would Banks help Merchants grow their sales, help their brand and marketing like Afterpay? Afterpay is a semi retailer already like Alibaba.