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So BNDL has emerged; revenues from "Buy Now Data Later" and AdTech will dwarf the cost of credit, write-offs and normal payment operations. And BNDL explains why BNPL valuations are so hot.

@Bill, we'll have to rely on Roberto's expertise here. (I'm still waiting for delivery of a new quantum computer capable of modeling all the new scenario permutations). 

Consumers will suffer eventually. Obviously the merchants will be the first to recognise a 1% hit to profits. But they'll soon either (a) consider a "no UK cards" policy (if that's also now allowed - I'm no longer sure!).  Then (b) they may ask their payment provider for some form of easy/transparent surcharge facility. Processors and acquirers better get their fees and billing system systems dusted-down.