I think in fact, quite the opposite is true. In a downturn, more...

I think in fact, quite the opposite is true. In a downturn, more people will look to use an Afterpay like service. And in terms of bad debt, a large component is people who buy once and never pay it back. That's part of the 'newness' of the technology and should drop off as the offering matures and the credit-risk technology gets better from having better/deeper information to draw on.

The mitigation is data, the more data APT has, the better placed they are. APT is a data collection company, a tech company, not a bank, or non-bank lender. The technology to do what APT is doing is relatively new, and will advance rapidly.