$Affirm Holdings, Inc.(AFRM)$ 2009 makes a good point. BNPL is a tough business, and that is why AFRM is in such a great position. If you are not careful, you could lose a lot of money giving out these loans. It’s exactly why, we can put our trust in Max Levchin running the business. SHOP, AMZN, WMT and everyone else seems to concur. PYPL and SQ will definitely find it challenging because they bought BNPL companies from overseas whom may not understand the US market as well as Max.