I think what he meant was the hype around BNPL has simmered...

I think what he meant was the hype around BNPL has simmered down. During hype, it seemed every other day someone was launching a new BNPL..... beforepay, IOU, partpay, underpay, notpay, neverpay etc etc (P.S. last few names are made up).

sustainability as pure BNPL business is still questionable. However, I think BNPL has a place as added service. Also, BNPL is efficient if book is recycled frequently and bad debt stays under control. Which is why bank and paypal can take advantage of BNPL service much easier than Zip as they have more power over the users. They can pretty much stop the user from going on about their daily life if they don't pay up.

Apple on the other hand owns Applepay, where you store all your cards. Imagine you dont pay in time and apple just stops you from using applepay facility itself. I don't know if that would be effective or not, but they have something on users.

Zip users on the other hand can be a honeybee and jump to a new flower (BNPL). Which is why Zip needs to prove economies of scale works and needs to breakeven or become profitable. Although Zip management claims that they are operating cash flow positive, with their questionable record, i will take their word with handful of salt. This needs to reflect in their report, only then their words will have weight.

All my opinion, DYOR. GLTAH for upcoming report.