I think you're thinking about it the wrong way. The way you've...

I think you're thinking about it the wrong way. The way you've structured the question is suggesting that the $0.7 is the way forward. In an ideal situation both APT and Z1P continue making a $3.8 margin.

If I thought that this margin were to go away, I wouldn't be invested in any of the BNPL because the business model would be broken, or at the very least it wouldn't be worth multiple billions of dollars.

The table that was shared before perfectly demonstrates why merchants are happy paying the margin to the likes of APT and Z1P. It increases their bottom line substantially. One important point to make, which isn't even captured by the table, is that APT and Z1P provided millions of lead referrals to merchants. So when merchants look at the $3.8, they would also take into consideration that they achieved that with $0 marketing costs. That's one of the reasons why Z1P and APT (and others) will thrive even in an environment where Paypal is charging 2.9%. They have no lead referrals.