Agree. I think this is a niche business rather than a world beater. I think it will carve out its market - however I don't know how large that will be.
I see its most significant advantage to the consumer who wishes to make a large purchase without incurring interest. Does this encourage them to make the purchase? Is this part of their process when buying? ie is it going to cost me x + interest. To some I'm sure but to others not so sure.
Limited benefit to retailers as these large purchases won't continually revolve in the way an Afterpay purchase does as I think these would be split on a 6 - 12 month basis (though up to 36). And the more payments the more fees incurred by somebody?
The biggest benefit will also be this payment methods biggest inhibitor on its growth - a consumer is using their own already approved credit. If they are comfortable with their status quo, this won't add the budgeting benefit/consumer loan benefit of other products on the market.
I think their tech is probably their most valuable asset, rather than it future revenue generating ability.
Time will tell.
