Possible target price of $15-20, page-115

Ghost cards are a double edged sword as they destroy the network effect of building up signed up retailers by not driving business to platform members and it also creates return issues that can cause people to become very angry and not use the service. It only increases customer acquisition and flexibility in spending.

For these reasons, i think it's good short term for smaller providers to help them gain customers and not get crushed by bigger networks like Afterpay but long term, they need to convert retailers or face a monetization short fall.

Afterpay will remain a premium choice, with better marketing referrals and more pricing power if it can remain Ghost card free.

I think Zip is great in credit line but won't ever overtake Afterpay in transactional bnpl in terms of revenue to the company. Look at how big Klarna is at 80+ m customers but barely makes anything due to most of that being Ghost card usage...

Paying network retailers > ghost card long term