What am I missing?, page-61

Keep in mind, when we talk about "credit quality" and "credit rating", they are two different things, although credit rating may feed into the credit quality of a user.

Also, the point that you've raised here is one of the main reasons for my investments in BNPL, the fundamental shift away from credit cards by millennial and even more so GenZ. I've recently shared another article on ME bank that noted ME bank had massive write-offs in 2018 (or 2019) because they had a strategy to increase their credit card portfolio, and halfway through implementing the strategy they realised it is no longer commercially viable due to BNPL.

Anyway, I'm not trying to convince you to buy or anything like that, but just want to highlight that maybe you have the wrong impression of the Average Afterpay user (fully acknowledging this is based on a Afterpay-commissioned report).