Five years ago, Afterpay launched its installment loan program for merchants in Australia, a country in which credit card penetration was high, including revolving credit usage as high as anywhere in the world. The company correctly determined that consumers wanted to extend payments for select purchases that would not be tied to a revolving line of credit. And that market dynamic continued to be true when the company expanded to New Zealand, the U.K., and the U.S. It will be in Canada before year-end. Today, 85% of Afterpay’s 7.3 million active customers bill their installment loans to V...