Buy now pay later fintechs are popping up like mushrooms and growing like weeds in Australia.
The elephant in the BNPL pack is Afterpay Touch. After listing at $1 three years ago and with its shares close to touching $27, this company is now capitalised at $6.76 billion. That exercise is tricky considering that most of those companies don’t actually make any money, so the traditional price/earnings multiple is a fairly redundant tool for assessing value.
It has the first mover advantage, some critical mass, and a lot more customers and merchants signed up than its rivals. The success in signing up retailers over the next few years will probably be the major driver behind who prevails.Each of the BNPL brands are offering slightly different marketing propositions. Some cater for ticket items, others offer different interest-free periods, or different interest rates on late payments or fees, and different levels of credit checking etc. But this won’t be enough to ensure all can make a living.
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