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@davewil1964 wrote:

I very much doubt I am in the minority by not using Zip or Afterpay.

 

Their stock values, like most startups, have nothing to do with their revenue. Afterpay had revenues of $250m last financial year, profit undisclosed. Commbank had $26 billion, a hundred times more.

 

Afterpay had 4.6 million users, from a potential market of 8 billion. Hardly a majority.

 

If I was in your position, I would have saved the money over 8 weeks, then been able to pay upfront, and had a bigger potential pool of suppliers to choose from.

 

In June 2019, Afterpay disclosed that it was under probe by AUSTRAC for potential breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF regulations).

 

 

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While you infer that these companies are connected with Breaches of Anti-Money Laundering, in fact it was an investigation into multiple banks, and lenders and in particular Pay Day Lenders.  Afterpay in their interim report to AUSTRAC state "As previously stated, Afterpay has not identified any money laundering or terrorism financing activity via our systems to date. Afterpay’s systems include several features that help to control our money laundering and terrorism financing risk, including the implementation of strict spending limits. Afterpay is used by our customers for discrete, small value (around $150 average), non-cash transactions and does not allow for international funds transfers."

Also as Afterpay started 2015 and is now in the  S&P/ASX 200 index its hardly a Startup.

You may not be in the minority but 27% of AU millennials and 16% of entire AU purchasing population have transacted with Afterpay.

Just to cover a couple other misconceptions:  Majority of Afterpay's income is earned from merchant fees.  Its not a line of credit – only for discrete purchases.