Does Afterpay has a moat?, page-38

CEO’s do not discuss long term strategy in public...courtesy Larry who was saying that ZIP will focus in Australia, but within one month of interview they have gone out and acquired international business.

Single product comes with a lot of risk and I do not know how long they can resist this KYC/AML issue...won’t be surprised if there is a change of course. APT is showing the way to the BNPL sector and others are following pretty easily.

Till now the moat seems to be no KYC/AML combined with appealing single product and first mover advantage.