I don’t buy into this theory that customers are BNPL-agnostic...

I don’t buy into this theory that customers are BNPL-agnostic and won’t develop allegiance to one BNPL over another.

But it is an underlying issue. Ultimately that is why continuous improvement and innovation is critical.

ZIP is already widely regarded as product and is miles ahead of its competitors in regards to innovation: see zip biz and the scale of products it offers. This puts ZIP in a unique position to fight for market share and allow customers to develop allegiance as they’re able to embrace the variety of products.

….BNPL is about growth and consolidation right now. It is about fighting for the vacuum of potential market that exists and today it only makes up some 1-2% of entire banking and remittance sector? So of course costs of obtaining new customers will be higher during this phase. So what really matters is whether or not BNPL will exist in 5 years when this phase is complete, and whether or not you can provide a better product then your competitors when ultimately those consolidation phase costs will be significantly lower. The $100 per customer acquisition cost is really irrelevant in the future.

All hypotheticals as well. But what happens if/when BNPL is able to command merchant fees. It is the consolidation phase right now. Fighting for market share. Costs are important, but not nearly as important as revenue and growth.