Just difficult to see the attraction, given ever increasing competition, and the agglomeration winner-take-all nature of increasing returns to scale, in the BNPL space.
“Cash incinerators” is probably the correct lens, for many of the new entrants. There will be a few winners, but picking which, is a hard and largely pointless task, given there are plenty of other, easier, safer ways to make money, in our view.
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