PayPal officially joins the race, page-110

Afterpay's Gross Transaction Margin in the US was 4.1% in FY20 which included revenue from late fees, so likely the average charge to merchants was less than 3.5%. I doubt a merchants decision will be made over a 50-60 bps pricing differential. Yes, there could be some impact due to inertia (ie I already offer PayPal and they now offer BNPL so why do I need to bother with another one), but given the obvious benefits to the merchants from offering Afterpay (plugging in to Afterpay's customer network/referrals, increased basket size and conversion) this would seem to be a very short-sighted approach. Afterpay has significant momentum in the US currently and I doubt that will be disrupted in the short term by an announcement with limited detail on timing and execution.