I wouldn't want to go anywhere near an Afterpay..., page-15

Other unknown of course is the fee structure (esp in the US where they’re going for a land grab).  Model works well at 4% fee...but if some of the large volume growth is because they’re giving away margin it may end up being profitless volume.  I fear they’re going for the land grab not realising in the (much more competitive/lower margin) US once word is out that they go for lower prices they won’t be able to onboard new retailers for a higher margin.