Does Afterpay has a moat?, page-8

Hard to compare. Coca Cola has soda that taste different to even it's closest competitor Pepsi. Afterpay is dealing with a homogeneous "commodity", being credit. If Coca Cola's taste hits the nail on the head for consumer preferences then yes absolutely it has a moat. Remember what happened to Coca Cola when they slightly changed the taste of their coke, consumers basically abandoned it and the company had to reverse the change.

Anyway, asking a question like "does coca cola have a moat" is an attempt to grossly simplify the discussion.