You are looking at this from the Shopper point of view - no idiot would use the bank solutions as they cost money to the card holder (I know as both my banks have offered the product for a cost). Why would I pay for installments when there are so many free BNPL options available on most merchant websites.
As for Klarna, sounds like a sub prime credit card. Not interested having that on my credit score.
From the merchant point of view - makes total sense to give away 3% for a sale you otherwise wouldn't have made it BNPL wasn't available.
New debt BNPL is doomed, I agree, luckily that's not where Splitit plays and why I invested.
Where does it stop, page-41
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