Challengers to Afterpay please stand up, page-6

When will the big banks stand up and take on Afterpay?

Possibly, banks don't want to undermine their own cash cow: credit cards. If they offered BNPL, there's sure to be some of their customers who currently avoid this "new fangled fintechs that they didn't grow up with", but if their bank began offering it, then they'd start using it. Banks don't want that.

One way around this could be to have a separate non bank brand for their BNPL products. This would allow them to be engaged in the industry, but without cannibalizing their credit cards. And to some extent, that's taking place. Westpac owns 15% of Z1P.