Citi expects earlier-than-expected, big equity raise for Australia's Zip, page-72

I don't think it is particularly confusing, and I certainly wouldn't use HC posters as my barometer for understanding. I think some users maybe use the app to pay anywhere and then don't like the $1 fee? But that is just a guess. For the mega retailers like Amazon, Walmart etc I don't think they'll ever integrate with a 3rd party BNPL as they're too big, so a product like Quad is your only BNPL option at this point. I suppose for me I'm all about the numbers - increase in active users comparable to APT (this is huge), increase in TTV from those users and I think we could confidently assume more merchants integrating every single day. The more merchants that are integrating the less this $1 fee is an issue, though I would argue it clearly hasn't been an issue to date. Then throw in a market cap of only 10% of APT and it doesn't take a genius to work out where the value disconnect is.