Just to rewind a little bit, this whole BNPL craze was exploding. I hadn't seen anything like it: interest free credit didn't really make sense to me and was very excited about the prospects of this business model. But at the same time, a lot of the people I spoke to in banking and lending were just like, the last thing South African needs is just more unsecured credit being piled on top. This isn't Australia, isn't Sweden where Klarna is from.

So I did take that to heart and looking into the BNPL space realised that in countries like Brazil, Mexico being two significant examples, point of sale interest free instalments have been there for ages offered by most retailers. Yes, it's now become tech enabled. But in those markets, it's done very much off the back of a credit card. And the bank is the key issuer of their credit, they understand the consumer and what they're earning. And the thesis was that the South African use case was far more similar to those markets, developing markets, high interest rates, very disparate levels of income. In some places, you'd argue over indebtedness of the middle class, as opposed to a massive need for financial inclusion, which is the narrative.

Yeah, and I just thought that that product would fit so well here, we just have to find a way to technically adapted and created here.

It's still dominated by your credit card issuers.

So most people if they have Apple Pay or Google Pay, they have loaded their credit card and that's probably the most popular form of payments, but these QR payment providers who have their own mobile apps is very, very popular. And it's accepted everywhere. And while they still represent a very small share in terms of total purchase volumes, they are by far the fastest growing, and that is why issuers are very, very concerned.

And these QR payment providers are also going into that credit space, where they're offering a small credit of maybe $500 to $1,000. But they're using very basic information - just your name, phone number, email - so it's much, much faster and easier to apply for that new QR payment credit versus a traditional credit card.

Each time where I think that this cross border space between Brazil and the world has reached its maximum I'm wrong: every year it just keeps growing steadily and steadily and steadily.

79% of Brazilian consumers typically would divide their purchases into instalments. So this is a reality has been a reality. Now, we are also integrated with NuPay, which offers the user the capability to make a purchase with an offshore motion, and have the interest rate defined by no bank itself in the checkout process.

What we're focused on is to make the financial products available for merchants that don't have a local entity and a local structure in Brazil, so that they can great for the consumer base the same experience that our local ecommerce player can provide.

What we do see is, working with larger providers, a real growth in adoption. If I think about the three months worth of data, live data, that we've got in the bureau - so December into January and Feb - interest free, predominantly online, for a term of no more than three months. There we see 3.8 million unique customers.

A big number, right? And they've made 50 million transactions, spending almost 20 million pounds. And it's not just your Gen Z. It's not just your Millennials, it's across all demographics.

And actually the fastest growing demographic is the 35 to 44 age band. Suddenly, I'm now just outside of that, but it's reflecting the point of becoming more mainstream, right? This is established, right? It's here to stay.