Goldman Sachs insist $42.90, page-179

We have 5 BNPL options and are in the process of adding 2 more. We recognise they all come with their own customer bases and therefore present an opportunity to grow our pie, which is exactly what is happening. Which brings me back to my original point -- from a merchant perspective, there is nothing special about Afterpay, other than they are currently the most expensive provider for retailers. Our pie is getting bigger, but Afterpay is now bringing substantially less of that pie to our table than it was 12 months ago. Our product category is jewellery, watches & accessories. In retail, things seldom happen in isolation. It is unlikely that only we would be seeing that type of shift in customer behaviour. Why customers are moving away from Afterpay as a BNPL choice is open to speculation. The obvious answer is we have reached peak BNPL and the market is saturated. However, there could be other reasons. Anecdotally, I have noticed Afterpay is now bringing lower dollar value customers where as Zip and Latitude, and also Laybuy to a lesser degree, are providing higher dollar value customers.