Yes and all BNPL companies are scams which can never make profits. As I explained before the cost of lending money includes interest rates to cover cost of lending plus bad debts plus cost of borrowing. If I borrow 1 billion via bonds on the market at an interest rate of 3% I must loan that out at minimum 4-5% to make some marginal profits and cover bad debts. BNPL is obviously a scam because you are lending money with no interest rates and no means of recovering bad debt. Your target audience are millennials and Gen Z who are already struggling. In a more just world the regulator would have put the two CEOs in prison for fraud.
