Challengers to Afterpay please stand up, page-8

Maybe never? At this stage, imo it doesn't fit their risk profile. If they were to take on this type of business, the investment would likely get rejected by their shareholders? Don't forget, all BNPL at this stage are loss making & transactions are still going from customer's bank accounts & to BNPL provider bank accounts. There may be a loss in interest over time, only time will tell, however they are still generating fees on BNPL transactions.