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BNPL Goes North - Walmart Canada's Klarna Rollout | Fast Five Shorts · Omni Talk Retail

• 0:00
  Klarna
• 0:00
  is
• 0:00
  set
• 0:00
  to
• 0:01
  debut
• 0:01
  in
• 0:01
  more
• 0:01
  than
• 0:02
  400
• 0:02
  Walmart
• 0:02
  Canada
• 0:03
  stores
• 0:04
  according
• 0:04
  to
• 0:04
  Digital
• 0:05
  Transactions.
• 0:06
  You're
• 0:06
  a
• 0:06
  trusted
• 0:06
  new
• 0:07
  source
• 0:07
  news
• 0:07
  source
• 0:08
  for
• 0:08
  all
• 0:08
  things
• 0:09
  transactions.
• 0:10
  Don't
• 0:10
  you
• 0:10
  dare
• 0:10
  think
• 0:10
  about
• 0:11
  transacting
• 0:11
  without
• 0:12
  first
• 0:12
  reading
• 0:12
  digital
• 0:13
  transactions.
• 0:13
  According
• 0:14
  to
• 0:14
  Digital
• 0:14
  Transactions,
• 0:15
  consumers
• 0:15
  can
• 0:16
  choose
• 0:16
  to
• 0:16
  pay
• 0:16
  in
• 0:16
  full
• 0:17
  or
• 0:17
  via
• 0:17
  installment
• 0:18
  payments
• 0:18
  at
• 0:18
  assisted
• 0:19
  checkout
• 0:19
  lanes
• 0:19
  for
• 0:20
  purchases
• 0:20
  of
• 0:20
  more
• 0:20
  than
• 0:21
  $50
• 0:21
  Canadian,
• 0:22
  which
• 0:22
  is
• 0:22
  the
• 0:23
  equivalent
• 0:23
  of
• 0:24
  about
• 0:24
  one
• 0:24
  pound
• 0:24
  sterling,
• 0:25
  isn't
• 0:25
  it
• 0:25
  Ben?
• 0:26
  I
• 0:26
  think.
• 0:26
  Right?
• 0:27
  Just
• 0:27
  kidding.
• 0:27
  All
• 0:28
  you
• 0:28
  Canadians,
• 0:28
  you
• 0:28
  know
• 0:28
  I
• 0:28
  love
• 0:29
  you.
• 0:29
  To
• 0:29
  use
• 0:29
  Klarna
• 0:30
  in
• 0:30
  one
• 0:30
  of
• 0:30
  the
• 0:30
  stores,
• 0:30
  consumers
• 0:31
  can
• 0:31
  scan
• 0:32
  a
• 0:32
  QR
• 0:32
  code
• 0:32
  displayed
• 0:33
  on
• 0:33
  the
• 0:33
  point
• 0:33
  of
• 0:33
  sale
• 0:33
  screen
• 0:34
  at
• 0:34
  checkout
• 0:34
  with
• 0:34
  their
• 0:34
  mobile
• 0:35
  phone.
• 0:35
  However,
• 0:36
  Klarna
• 0:36
  is
• 0:36
  not
• 0:36
  available
• 0:37
  at
• 0:37
  self
• 0:37
  checkout
• 0:38
  lanes
• 0:38
  at
• 0:38
  this
• 0:38
  time.
• 0:39
  And
• 0:39
  finally,
• 0:39
  let's
• 0:39
  not
• 0:39
  forget
• 0:40
  in
• 0:40
  another
• 0:40
  bid
• 0:41
  to
• 0:41
  extend
• 0:41
  its
• 0:41
  reach
• 0:42
  inside
• 0:42
  stores
• 0:43
  because
• 0:43
  as
• 0:43
  of
• 0:43
  the
• 0:43
  end
• 0:44
  of
• 0:44
  the
• 0:44
  second
• 0:44
  quarter,
• 0:44
  83.7%
• 0:46
  of
• 0:46
  all
• 0:46
  US
• 0:46
  retail
• 0:47
  sales
• 0:47
  are
• 0:47
  made
• 0:47
  in
• 0:48
  stores.
• 0:48
  According
• 0:48
  to
• 0:49
  the
• 0:49
  US
• 0:49
  Census
• 0:49
  Bureau,
• 0:50
  Klarna
• 0:50
  in
• 0:51
  June
• 0:51
  launched
• 0:51
  the
• 0:51
  Klarna
• 0:52
  card,
• 0:52
  a
• 0:53
  debit
• 0:53
  card
• 0:53
  to
• 0:53
  aid
• 0:54
  with
• 0:54
  in
• 0:54
  store
• 0:54
  store
• 0:54
  purchases.
• 0:55
  Ben,
• 0:56
  as
• 0:57
  our
• 0:57
  resident
• 0:59
  resident
• 0:59
  from
• 1:00
  across
• 1:00
  the
• 1:00
  pond,
• 1:00
  I
• 1:01
  guess
• 1:01
  I
• 1:01
  would
• 1:01
  say
• 1:02
  are
• 1:02
  you
• 1:02
  over
• 1:02
  or
• 1:03
  under
• 1:03
  on
• 1:04
  3
• 1:04
  years
• 1:05
  of
• 1:05
  BNPL
• 1:06
  becoming
• 1:06
  the
• 1:06
  ubiquitous
• 1:07
  form
• 1:07
  of
• 1:07
  payments
• 1:08
  in
• 1:08
  stores?
• 1:09
  Yeah,
• 1:10
  I
• 1:11
  can't
• 1:11
  see
• 1:11
  why
• 1:11
  not.
• 1:12
  It's
• 1:12
  almost
• 1:12
  ubiquitous
• 1:13
  online.
• 1:15
  So
• 1:16
  I
• 1:16
  think
• 1:16
  this
• 1:16
  is
• 1:17
  the
• 1:17
  latest
• 1:17
  development
• 1:18
  in
• 1:18
  what
• 1:18
  needs
• 1:18
  to
• 1:18
  happen
• 1:19
  which
• 1:19
  is
• 1:19
  to
• 1:19
  raise
• 1:19
  awareness
• 1:20
  that
• 1:20
  it
• 1:20
  can
• 1:20
  happen
• 1:21
  in
• 1:21
  store.
• 1:21
  I
• 1:21
  mean
• 1:22
  this,
• 1:22
  this
• 1:22
  is
• 1:22
  an,
• 1:22
  an
• 1:23
  awareness
• 1:24
  action.
• 1:24
  So
• 1:25
  I
• 1:25
  mean
• 1:25
  firstly
• 1:26
  look
• 1:26
  it's,
• 1:26
  I
• 1:26
  think
• 1:26
  it's
• 1:26
  a
• 1:26
  big
• 1:27
  sig
• 1:27
  signal
• 1:27
  that
• 1:28
  the
• 1:28
  Clara
• 1:28
  Partnership
• 1:29
  in
• 1:29
  the
• 1:29
  US
• 1:29
  is
• 1:29
  working
• 1:30
  well
• 1:31
  and
• 1:31
  I
• 1:31
  think
• 1:32
  it's
• 1:32
  smart
• 1:32
  by
• 1:32
  Walmart
• 1:33
  because
• 1:33
  it's
• 1:33
  kind
• 1:34
  of
• 1:34
  gaining
• 1:35
  credit
• 1:35
  in
• 1:35
  their
• 1:36
  shopper's
• 1:36
  eyes
• 1:36
  for
• 1:36
  helping
• 1:37
  them
• 1:37
  live
• 1:38
  better
• 1:38
  for
• 1:38
  less
• 1:39
  by
• 1:39
  ultimately
• 1:40
  helping
• 1:40
  them
• 1:40
  do
• 1:40
  something
• 1:41
  that
• 1:41
  they
• 1:41
  can
• 1:41
  kind
• 1:41
  of
• 1:42
  already
• 1:42
  do.
• 1:43
  So
• 1:43
  it's
• 1:43
  already
• 1:44
  pretty
• 1:44
  straightforward
• 1:45
  to
• 1:45
  use
• 1:46
  Kana
• 1:46
  install.
• 1:48
  If
• 1:48
  you've
• 1:48
  got
• 1:49
  the
• 1:49
  app,
• 1:49
  you
• 1:49
  just
• 1:49
  create
• 1:50
  a
• 1:50
  one
• 1:50
  time
• 1:51
  card,
• 1:51
  you
• 1:51
  drop
• 1:51
  into
• 1:52
  your
• 1:52
  Apple
• 1:52
  Wallet
• 1:52
  and
• 1:52
  you
• 1:53
  use
• 1:53
  the
• 1:53
  Apple
• 1:53
  Wallet
• 1:53
  to
• 1:54
  pay
• 1:54
  for
• 1:54
  the
• 1:55
  product.
• 1:56
  That's
• 1:57
  probably
• 1:58
  two
• 1:58
  steps
• 1:58
  of
• 1:58
  CX
• 1:59
  too
• 1:59
  many
• 1:59
  for
• 1:59
  most
• 2:00
  shoppers,
• 2:01
  but
• 2:02
  actually
• 2:02
  you
• 2:02
  can
• 2:03
  kind
• 2:03
  of
• 2:03
  do
• 2:03
  it.
• 2:03
  So
• 2:03
  what
• 2:04
  Walmart
• 2:04
  is
• 2:04
  saying
• 2:04
  is
• 2:04
  we're
• 2:05
  just
• 2:05
  going
• 2:05
  to
• 2:05
  make
• 2:05
  it
• 2:05
  really
• 2:05
  easy
• 2:06
  for
• 2:06
  you
• 2:06
  and
• 2:07
  the
• 2:07
  more
• 2:07
  people
• 2:07
  that
• 2:08
  do
• 2:08
  that,
• 2:08
  the
• 2:08
  more
• 2:09
  awareness
• 2:09
  it
• 2:09
  will
• 2:09
  become
• 2:10
  and
• 2:10
  the
• 2:10
  more
• 2:10
  it
• 2:10
  will
• 2:10
  spread
• 2:11
  to
• 2:11
  be
• 2:12
  common
• 2:13
  behavior
• 2:13
  as
• 2:13
  it
• 2:14
  already
• 2:14
  is
• 2:14
  for
• 2:15
  millions
• 2:16
  of
• 2:16
  shoppers
• 2:17
  online.
• 2:17
  So
• 2:18
  yeah,
• 2:18
  I
• 2:18
  think
• 2:18
  it's
• 2:19
  a
• 2:19
  smart
• 2:19
  move
• 2:19
  by
• 2:19
  am.
• 2:20
  It's
• 2:21
  a
• 2:21
  smart
• 2:21
  move
• 2:21
  by
• 2:21
  Walmart
• 2:23
  especially.
• 2:24
  When
• 2:24
  you
• 2:24
  consider
• 2:24
  the
• 2:24
  younger
• 2:25
  generations
• 2:25
  too,
• 2:25
  they
• 2:26
  have
• 2:26
  a
• 2:26
  greater
• 2:26
  proclivity
• 2:27
  to
• 2:27
  use
• 2:27
  these
• 2:27
  types
• 2:28
  of
• 2:28
  services
• 2:28
  to
• 2:29
  the
• 2:29
  BNPLs.
• 2:29
  And
• 2:30
  what
• 2:30
  about
• 2:30
  you?
• 2:30
  Are
• 2:30
  you
• 2:31
  equally
• 2:31
  bullish?
• 2:31
  Are
• 2:32
  you
• 2:32
  taking
• 2:32
  the
• 2:32
  under
• 2:32
  as
• 2:32
  well?
• 2:33
  Are
• 2:33
  you
• 2:33
  going
• 2:33
  over
• 2:34
  here?
• 2:34
  I'm.
• 2:35
  I'm
• 2:35
  doing
• 2:35
  the
• 2:35
  over.
• 2:36
  You
• 2:36
  are?
• 2:37
  Wow.
• 2:39
  I
• 2:39
  may
• 2:39
  be
• 2:40
  completely
• 2:40
  wrong.
• 2:41
  I
• 2:41
  get
• 2:41
  that
• 2:41
  there's
• 2:42
  millions
• 2:42
  of
• 2:42
  people
• 2:43
  who've
• 2:43
  said
• 2:43
  signed
• 2:44
  up
• 2:44
  or
• 2:44
  who
• 2:44
  have
• 2:44
  used
• 2:45
  this
• 2:45
  a
• 2:45
  time
• 2:45
  or
• 2:46
  two,
• 2:47
  but
• 2:47
  it's
• 2:47
  just
• 2:48
  taking
• 2:48
  too
• 2:48
  long
• 2:49
  to
• 2:49
  reach
• 2:49
  like
• 2:50
  the
• 2:51
  adoption
• 2:52
  that
• 2:52
  I
• 2:52
  think
• 2:52
  it
• 2:52
  needs
• 2:52
  to.
• 2:53
  And
• 2:53
  the
• 2:53
  point
• 2:53
  that
• 2:54
  I
• 2:54
  find
• 2:54
  really
• 2:55
  interesting
• 2:55
  is
• 2:56
  many
• 2:56
  credit
• 2:57
  card
• 2:57
  companies
• 2:57
  are
• 2:57
  taking
• 2:58
  on
• 2:58
  the
• 2:58
  same
• 2:59
  approach
• 2:59
  where
• 3:00
  you
• 3:00
  can
• 3:00
  pay
• 3:00
  in
• 3:00
  installments
• 3:01
  with
• 3:01
  a
• 3:02
  credit
• 3:02
  card
• 3:02
  that's
• 3:02
  accepted
• 3:03
  at
• 3:03
  more
• 3:03
  places.
• 3:04
  You
• 3:04
  don't
• 3:05
  have
• 3:05
  to
• 3:05
  question
• 3:05
  whether
• 3:06
  or
• 3:06
  not
• 3:07
  most
• 3:07
  places
• 3:08
  that
• 3:08
  you
• 3:08
  do
• 3:08
  your
• 3:08
  shopping
• 3:09
  today
• 3:09
  take
• 3:10
  visa,
• 3:11
  American
• 3:11
  Express,
• 3:11
  MasterCard,
• 3:12
  Discover,
• 3:13
  what
• 3:13
  have
• 3:13
  you
• 3:14
  or
• 3:14
  a
• 3:14
  debit
• 3:15
  card.
• 3:15
  And
• 3:15
  I
• 3:16
  think
• 3:16
  that,
• 3:16
  that,
• 3:16
  to
• 3:17
  me
• 3:17
  is
• 3:17
  the
• 3:17
  real
• 3:18
  interesting
• 3:18
  point.
• 3:19
  You
• 3:19
  still
• 3:19
  can't
• 3:20
  use
• 3:20
  Klarna
• 3:21
  every
• 3:21
  single
• 3:21
  place
• 3:22
  that
• 3:22
  you
• 3:22
  shop.
• 3:22
  And
• 3:23
  so
• 3:23
  for
• 3:24
  me,
• 3:24
  I'm,
• 3:24
  I'm
• 3:25
  curious
• 3:25
  to
• 3:25
  see
• 3:25
  if
• 3:26
  people
• 3:26
  start
• 3:26
  going
• 3:27
  the
• 3:27
  route
• 3:27
  of
• 3:28
  doing
• 3:28
  this
• 3:28
  within
• 3:29
  their
• 3:29
  credit
• 3:29
  card
• 3:30
  companies
• 3:30
  where
• 3:30
  they're
• 3:30
  still
• 3:31
  doing
• 3:31
  the,
• 3:31
  you
• 3:32
  know,
• 3:32
  pay
• 3:32
  in
• 3:32
  four
• 3:32
  installments.
• 3:33
  But
• 3:34
  I
• 3:34
  just
• 3:35
  think
• 3:35
  it's
• 3:35
  another
• 3:35
  thing
• 3:36
  for
• 3:36
  people
• 3:36
  to
• 3:36
  download,
• 3:37
  another
• 3:37
  thing
• 3:38
  that
• 3:38
  not
• 3:39
  people.
• 3:39
  People
• 3:39
  haven't
• 3:40
  done
• 3:40
  before
• 3:40
  and
• 3:41
  aren't
• 3:41
  familiar
• 3:41
  with.
• 3:41
  And
• 3:42
  I
• 3:42
  think
• 3:42
  credit
• 3:43
  cards
• 3:43
  are
• 3:43
  just
• 3:43
  too
• 3:43
  ubiquitous
• 3:44
  and
• 3:44
  the
• 3:44
  credit
• 3:45
  card
• 3:45
  companies
• 3:45
  are
• 3:46
  to
• 3:46
  try
• 3:46
  to
• 3:46
  capture
• 3:47
  that,
• 3:48
  that,
• 3:48
  that
• 3:49
  revenue.
• 3:49
  Well,
• 3:50
  I
• 3:50
  want
• 3:50
  to
• 3:50
  make
• 3:50
  sure
• 3:50
  I'm
• 3:50
  clear.
• 3:50
  So
• 3:51
  you're
• 3:51
  saying.
• 3:51
  You're
• 3:51
  saying
• 3:51
  the
• 3:52
  credit
• 3:52
  cards
• 3:52
  are
• 3:52
  going
• 3:53
  to
• 3:53
  get
• 3:53
  the
• 3:53
  BNPL
• 3:53
  customer
• 3:54
  in
• 3:54
  store?
• 3:55
  Yeah,
• 3:55
  I
• 3:55
  do.
• 3:56
  So
• 3:56
  then,
• 3:57
  so
• 3:57
  okay,
• 3:57
  but
• 3:57
  the
• 3:57
  question
• 3:58
  was
• 3:58
  not
• 3:58
  if
• 3:58
  Klarna
• 3:59
  will
• 3:59
  be.
• 3:59
  The
• 3:59
  question
• 3:59
  was
• 3:59
  if
• 4:00
  BNPL
• 4:00
  will
• 4:01
  be
• 4:01
  over
• 4:01
  and
• 4:01
  under
• 4:01
  three
• 4:02
  years.
• 4:02
  So,
• 4:02
  so
• 4:03
  do
• 4:03
  you.
• 4:03
  Does
• 4:03
  that
• 4:03
  change
• 4:04
  your
• 4:04
  answer
• 4:04
  at
• 4:04
  all?
• 4:05
  I'm
• 4:05
  surprised
• 4:05
  you
• 4:05
  didn't
• 4:06
  hedge.
• 4:06
  Honestly,
• 4:06
  I'm
• 4:06
  surprised
• 4:07
  you
• 4:07
  didn't
• 4:07
  just
• 4:07
  say,
• 4:07
  yeah,
• 4:08
  three
• 4:08
  years
• 4:08
  because
• 4:08
  you
• 4:08
  always
• 4:09
  hedge
• 4:09
  on
• 4:09
  this
• 4:09
  show.
• 4:09
  You
• 4:09
  know,
• 4:10
  you
• 4:10
  always.
• 4:10
  No,
• 4:11
  I
• 4:11
  don't.
• 4:11
  Over
• 4:12
  or
• 4:12
  the
• 4:12
  under.
• 4:12
  I'm
• 4:13
  gonna.
• 4:13
  I'm
• 4:13
  still.
• 4:14
  I
• 4:14
  don't
• 4:14
  know.
• 4:14
  I
• 4:14
  feel
• 4:14
  like
• 4:15
  still
• 4:15
  over.
• 4:15
  I
• 4:16
  still,
• 4:16
  I
• 4:16
  still
• 4:16
  don't.
• 4:16
  Knowing.
• 4:17
  I
• 4:18
  still
• 4:18
  don't
• 4:18
  know
• 4:18
  about.
• 4:19
  I
• 4:20
  don't
• 4:20
  know.
• 4:20
  I.
• 4:21
  It.
• 4:21
  It
• 4:21
  still
• 4:21
  isn't
• 4:22
  BNPL
• 4:22
  payment
• 4:23
  to
• 4:23
  me
• 4:23
  because
• 4:23
  you're
• 4:23
  paying
• 4:24
  with
• 4:24
  a
• 4:24
  credit
• 4:24
  card
• 4:24
  and
• 4:25
  then
• 4:25
  you're
• 4:25
  deciding
• 4:25
  after
• 4:26
  the
• 4:26
  fact.
• 4:26
  So
• 4:27
  I
• 4:27
  still
• 4:27
  would
• 4:27
  draw
• 4:28
  a
• 4:28
  distinction
• 4:28
  there,
• 4:30
  but
• 4:31
  I
• 4:31
  don't
• 4:31
  know.
• 4:31
  But,
• 4:32
  but
• 4:32
  I'm
• 4:32
  guessing
• 4:33
  that
• 4:33
  I'm,
• 4:33
  I'm
• 4:33
  alone
• 4:34
  in
• 4:34
  this.
• 4:34
  In
• 4:35
  this
• 4:35
  sentiment.
• 4:36
  And
• 4:36
  that's
• 4:36
  fine.
• 4:37
  I
• 4:37
  could
• 4:37
  be
• 4:37
  very
• 4:38
  wrong.
• 4:38
  But
• 4:38
  what,
• 4:38
  why,
• 4:39
  what.
• 4:39
  What
• 4:39
  are
• 4:39
  your
• 4:39
  thoughts?
• 4:40
  Are
• 4:40
  you
• 4:40
  taking
• 4:41
  the
• 4:41
  over,
• 4:41
  the
• 4:41
  under?
• 4:42
  I
• 4:42
  don't
• 4:42
  know.
• 4:42
  I
• 4:43
  was.
• 4:43
  You
• 4:43
  know,
• 4:43
  when
• 4:43
  I.
• 4:43
  When
• 4:44
  I
• 4:44
  first
• 4:44
  started
• 4:44
  writing
• 4:45
  my
• 4:45
  thoughts
• 4:45
  on
• 4:45
  this,
• 4:45
  I
• 4:45
  was
• 4:46
  taking
• 4:46
  the
• 4:46
  over.
• 4:46
  I
• 4:46
  was.
• 4:47
  I
• 4:47
  was
• 4:47
  taking
• 4:47
  you
• 4:47
  over
• 4:47
  because
• 4:47
  I
• 4:48
  thought,
• 4:48
  like,
• 4:48
  you.
• 4:48
  I
• 4:48
  was
• 4:48
  like,
• 4:48
  this
• 4:49
  is
• 4:49
  taking
• 4:49
  too
• 4:49
  long.
• 4:50
  But
• 4:50
  then
• 4:50
  I
• 4:50
  got.
• 4:51
  Then
• 4:51
  I
• 4:51
  went
• 4:51
  back
• 4:51
  and
• 4:51
  I
• 4:52
  thought
• 4:52
  about.
• 4:52
  We
• 4:52
  first
• 4:53
  heard
• 4:53
  about
• 4:53
  bmpo.
• 4:54
  I'll
• 4:54
  never
• 4:54
  forget
• 4:54
  where
• 4:55
  I
• 4:55
  was.
• 4:55
  I
• 4:55
  was
• 4:56
  in
• 4:56
  LA
• 4:57
  at
• 4:57
  a
• 4:57
  conference
• 4:58
  and
• 4:58
  I
• 4:58
  ran
• 4:58
  to
• 4:58
  the
• 4:58
  folks
• 4:59
  from
• 4:59
  Sezzle
• 4:59
  and
• 5:00
  they
• 5:00
  told
• 5:00
  me
• 5:00
  what
• 5:00
  it
• 5:00
  was.
• 5:00
  I
• 5:00
  was
• 5:00
  like,
• 5:01
  this
• 5:01
  is
• 5:01
  the
• 5:01
  greatest
• 5:01
  thing
• 5:02
  I've
• 5:02
  ever
• 5:02
  heard
• 5:02
  of.
• 5:03
  And
• 5:03
  that
• 5:03
  was
• 5:03
  in
• 5:04
  2017.
• 5:05
  So
• 5:05
  that's
• 5:05
  only
• 5:06
  eight
• 5:06
  years.
• 5:06
  And
• 5:07
  for
• 5:07
  me,
• 5:07
  the
• 5:07
  cycles
• 5:08
  of
• 5:08
  innovation,
• 5:08
  like
• 5:09
  in
• 5:09
  retail,
• 5:09
  from
• 5:09
  the
• 5:10
  moment
• 5:10
  I
• 5:10
  see
• 5:10
  them
• 5:11
  to,
• 5:11
  like,
• 5:11
  when
• 5:11
  they
• 5:12
  actually
• 5:12
  happen.
• 5:12
  Now,
• 5:12
  putting
• 5:13
  all
• 5:13
  generative
• 5:13
  AI
• 5:14
  aside,
• 5:14
  because
• 5:14
  that's
• 5:14
  just
• 5:14
  crazy
• 5:15
  town
• 5:15
  right
• 5:15
  now,
• 5:16
  but
• 5:16
  it's
• 5:16
  like
• 5:17
  10
• 5:17
  years,
• 5:17
  so,
• 5:17
  like,
• 5:18
  you
• 5:18
  know,
• 5:18
  three
• 5:19
  years,
• 5:19
  that
• 5:19
  puts
• 5:20
  me
• 5:20
  in
• 5:21
  2028.
• 5:22
  So
• 5:22
  that
• 5:22
  would
• 5:22
  be
• 5:22
  11
• 5:23
  years
• 5:23
  from
• 5:23
  when
• 5:23
  I
• 5:23
  first
• 5:23
  saw
• 5:24
  it.
• 5:24
  So
• 5:24
  anyway,
• 5:24
  you
• 5:24
  do
• 5:24
  the
• 5:25
  math.
• 5:25
  I'm
• 5:25
  taking
• 5:25
  the
• 5:26
  under,
• 5:26
  and
• 5:26
  that's
• 5:26
  what
• 5:27
  I'm
• 5:27
  taking.
• 5:27
  The
• 5:27
  one
• 5:28
  caveat
• 5:28
  I
• 5:28
  have
• 5:28
  is
• 5:29
  I
• 5:29
  think
• 5:29
  there's
• 5:29
  some
• 5:29
  financial
• 5:30
  dynamics
• 5:30
  to
• 5:30
  the
• 5:30
  model,
• 5:31
  too,
• 5:31
  in
• 5:31
  terms
• 5:31
  of
• 5:31
  how.
• 5:32
  How
• 5:32
  the
• 5:32
  whole
• 5:33
  thing
• 5:33
  works
• 5:33
  and
• 5:33
  on
• 5:34
  what
• 5:34
  categories.
• 5:34
  It
• 5:35
  works
• 5:35
  too,
• 5:35
  for
• 5:35
  the
• 5:35
  profitability
• 5:36
  of.
• 5:37
  Of
• 5:37
  the
• 5:37
  BMPL
• 5:37
  providers
• 5:38
  as
• 5:38
  well.
• 5:38
  That's
• 5:39
  something
• 5:39
  that
• 5:39
  has
• 5:39
  to
• 5:39
  be
• 5:39
  taken
• 5:39
  into
• 5:39
  account,
• 5:40
  which
• 5:40
  I
• 5:40
  don't
• 5:40
  know
• 5:40
  that
• 5:40
  everyone's
• 5:41
  cracked
• 5:41
  the
• 5:41
  code
• 5:41
  on
• 5:41
  yet.
• 5:42
  Walmart
• 5:42
  probably
• 5:42
  has
• 5:42
  the
• 5:42
  ability
• 5:43
  to
• 5:43
  do
• 5:43
  that
• 5:43
  because
• 5:43
  it
• 5:43
  can.
• 5:44
  You
• 5:44
  know,
• 5:44
  it
• 5:44
  has
• 5:44
  the
• 5:45
  entire
• 5:45
  swath
• 5:46
  of
• 5:46
  general
• 5:46
  merchandise
• 5:47
  in
• 5:47
  which
• 5:47
  it
• 5:47
  can
• 5:47
  afford
• 5:48
  this
• 5:48
  differently
• 5:48
  than
• 5:49
  others
• 5:49
  can,
• 5:49
  say,
• 5:49
  grocers.
• 5:50
  But
• 5:51
  I'm
• 5:51
  still.
• 5:51
  I'm
• 5:51
  still
• 5:51
  taking
• 5:52
  the
• 5:52
  under.
• 5:52
  Especially
• 5:52
  now
• 5:53
  that
• 5:53
  you
• 5:53
  gave
• 5:53
  me
• 5:53
  this
• 5:53
  whole
• 5:53
  thing
• 5:53
  about
• 5:54
  the
• 5:54
  credit
• 5:54
  cards
• 5:55
  getting
• 5:55
  into
• 5:55
  it.
• 5:55
  Yeah,
• 5:56
  why
• 5:56
  not?
• 5:56
  I'm
• 5:56
  taking
• 5:57
  under.
• 5:57
  All
• 5:57
  right.
• 5:57
  All
• 5:58
  right.
• 5:58
  Riding
• 5:58
  and
• 5:58
  dying
• 5:59
  with
• 5:59
  under.
• 6:00
  Not
• 6:00
  surprised.
• 6:01
  Yesterday
• 6:01
  on
• 6:01
  the
• 6:02
  plane,
• 6:02
  we
• 6:02
  had
• 6:02
  a
• 6:02
  bet
• 6:02
  because
• 6:03
  we
• 6:03
  flew,
• 6:03
  for
• 6:03
  those
• 6:04
  listening,
• 6:04
  we
• 6:04
  flew
• 6:04
  from
• 6:05
  LA
• 6:05
  to.
• 6:06
  No,
• 6:06
  we
• 6:06
  flew
• 6:06
  from
• 6:06
  San
• 6:06
  Diego
• 6:07
  to
• 6:07
  la.
• 6:07
  Shortest
• 6:08
  flight
• 6:08
  I've
• 6:08
  ever
• 6:08
  taken.
• 6:08
  The
• 6:09
  guy
• 6:09
  next
• 6:09
  to
• 6:09
  me.
• 6:09
  We
• 6:09
  had
• 6:10
  a
• 6:10
  bet
• 6:10
  on
• 6:10
  how
• 6:10
  long
• 6:10
  it
• 6:10
  would
• 6:11
  be
• 6:11
  from
• 6:11
  wheels
• 6:12
  up
• 6:12
  to
• 6:12
  touchdown.
• 6:13
  24
• 6:14
  minutes.
• 6:14
  That's
• 6:15
  how
• 6:15
  long
• 6:15
  it
• 6:15
  was,
• 6:15
  24
• 6:16
  minutes.
• 6:16
  I
• 6:16
  took
• 6:16
  the
• 6:16
  under,
• 6:17
  he
• 6:17
  took
• 6:17
  the
• 6:17
  over.
• 6:17
  I
• 6:17
  lost
• 6:18
  that
• 6:18
  one,
• 6:18
  too.
• 6:18
  So.