Chart - Z1P, page-10478

Investors in here might get too ahead of themselves because they're so close to the stock and start thinking brand loyalty will be decisive for the future of a BNPL, and you'd be right to tell them that's wrong. However, I thinj you're way wrong in assuming that a lack of brand loyalty in anyway will impact the industry.

I've never heard of anyone caring that much for brand loyalty when it comes to managing their finances.

People jump from bank to bank all the time. I've been through heaps of banks, and never once has the brand image of the bank gone through my head when choosing who to bank with.

Same with BNPL. I'll go to them simply because they offer what I need. The BNPLers which are left still standing at the end will benefit not because of brand loyalty, but because they simply exist. The path to just making it to the end is the real challenge.

Not all industries have companies that rely on brand loyalty to survive. E.g. Barely anyone cares if they see a movie at Hoyts or Event cinemas. They just go because it's got the movie they want to watch and offers a "movie experience".