This story features AFTERPAY LIMITED, and other companies. For more info SHARE ANALYSIS: APT While the struggle continues for BNPL supremacy across three continents, the Afterpay revenue model evolves and the spectre of PayPal looms large. -How the large BNPL players are faring in Australia, UK and the US -Will it be first-mover advantage, a duopoly or an oligopoly? -Comparison between PayPal and Afterpay -Has there been a revolution in Afterpay’s revenue model? -Survey results show BNPL may be detrimental for some customers By Mark Woodruff Before leaving Australia, on a virtual tour for travel-starved readers, we initially find that Afterpay ((APT)) holds the position as market leader in the domestic market for BNPL. It is the most downloaded, frequently used app, with the most traffic and unique visitors to the site.