I feel that there was a lot of competition of various levels of had-their-&#%#-together (remember Flooz?), but Paypal substantially out-executed all of them, and was the only one which understood it was a two-sided business and that you had to win both sides.
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I have no doubt there is. But I’m just an outsider marveling at the literal oceans of cash that were there to be made by potential competitors, but were not made because those competitors did not or possibly could not exist. And I’m asking the question: why didn’t they.
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If I can politely push back a smidgeon: the thing that makes Paypal all of the money (consumer to business payments) is something for which there does (and did) exist substantial mature competition. That's one reason why there was less innovation than one might have expected.
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