A thread on Buy Now, Pay Later (BNPL) by Alex Rampell: “Why is…BNPL…an early threat to trillions of dollars of market cap – Visa (almost $500B), MasterCard ($350B), card issuing banks, acquiring banks/services (Fiserv, FIS, Global Payments, etc)?”
Saurabh Mukherjea: “Over the past decade, India has been economically integrated as a nation. The national highway network has doubled. The number of people taking domestic flights has more than quadrupled. The number of people with broadband connections has grown 50-fold over the past ten years. 13 years ago, when I migrated to India, one in three families had a bank account. Now, nearly all families have a bank account. And of course, the Goods and Services Tax has meaningfully integrated the economy over the past four years ago. The integration of India has handed over a decisive advantage to well-managed, efficient enterprises who are spreading their wings nationally and in so doing obliterating smaller local and regional franchises. For example, as the economy gets integrated, lending, which was once dominated by regional players is now seeing the emergence of a few national leviathans like HDFC Bank Ltd. and HDFC Ltd., with both lenders now safely ensconced in the list of top 20 profit generators in India. Similarly, if you look at the 70 or so unicorns which have been created in India, almost all of them are in some shape or form formalising and consolidating industries that are informal and dispersed eg. cab transport, food delivery, poultry consumption, groceries, and education.”
Shane Parish: “You don’t need enough courage for the entire journey. You only need courage for a few seconds to overcome self-doubt before you take the next step.”
