I'm referring to increased competition and its effect on take...

I'm referring to increased competition and its effect on take rate. Eg. current risk - APT/ Plaid partnership and now WBC partnership means APT could cut out VISA/Mastercard and significantly lower their transaction costs, allowing them to lower take rate and further extend their merchant acquisition. As you've mentioned, to protect take rate, BNPL will need to focus on marketing and consumer engagement/ activity.

Z1P is setting up for this better than competition with subscriptions, chrome extension, tap, urge - Multiple touch points to build consumer loyalty toward Zip pay.

With Urge we also have an innovative way to enhance marketing leads to merchants beyond a database (current BNPL marketing), potentially allowing for additional marketing related revenue stream in the future.

Account fee also grooms consumers to pay for the ecosystem that zip are building, yet another potential revenue stream, should Z1P go down the path of Personal Finance management similar to APT.

At the moment i feel Z1P is the BNPL that provides opportunity for the most positive catalysts to increase their TAM.