Introducing these new BNPL services in the Australian market is expected to further pressure existing operators. For instance, The BNPL service of NAB comes on top of similar services launched by CBA and ANZ, which leaves Westpac the only one of the big four currently not providing a BNPL product. For existing pure-play BNPL operators, the entry of banks will further cause a massive squeeze in the segment, as the market in Australia has already peaked, and growth is expected to slow down from the short-term perspective. BNPL providers are expanding their services into new product categories to drive growth amid rising competition Amid the growing competition in the Australian BNPL industry, firms are expanding their services into new product categories to gain more traction among consumers and drive growth. For instance, Along with new BNPL players, established global giants such as Afterpay are also launching the service across the different segments.