Half a decade back, a major Asian tech conglomerate poured hundreds of millions into the buy-now-pay-later space at a $45 billion valuation. The sector was unproven then—pure conviction betting. Fast forward, and the landscape has shifted dramatically. BNPL isn't just surviving; it's thriving as the dominant force reshaping consumer credit. Traditional revolving credit? That's getting displaced at pace. The business model has proven itself. Valuations have compressed, but the underlying fundamentals? Stronger than ever. Current entry points reflect a 80% discount from peak pricing—a stark contrast to where things stood years ago. For those watching the credit space evolve, this shift represents something worth tracking: how alternative payment rails fundamentally challenge legacy financial structures.