Every (founder) story I’ve ever heard about PayPal goes something like: “there we were, the only people who offered a service that let people send money, and we had the genius to figure out people wanted to do that.” Nobody ever explains *why* they were the only such service.
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Partnership considerations: you probably don't want to replace the entire financial ecosystem with one go, so you will need someone inside the circle of trust to vouch for you, and now their problems become your problems. You have to make this work for both sides.
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That turns out to be an oversimplification because you won't have just one partner relationship. Figure on ~5 early and ~hundreds at Paypal scale. You'd be surprised how few geeks are fluent in "Japanese banker."
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Seems hard to blame fraud for a 10-year near-monopoly. Partnerships probably did make a difference though.
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Fraud as in "fraud prevention"
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