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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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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How much does it help the banking industry to make sure there *aren’t* a lot of dynamic SV competitors pushing into their business area?
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How much of the decade+ monopoly was due to those barriers?
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To borrow Tolstoy: "Every successful payments company is the same. Every unsuccessful payments company is unsuccessful in its own way."
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