The margin might be ample, but the fact that it adds up to only $60K per month might not attract much competition. This is no unicorn, it pays the bills for a couple of families.
Unicorn isn’t the goal, I’ll let Stripe be that. I’ll take the financial freedom.
There are several copycat apps that have tried varying pricing structures (some more like 1.3%) and others that tried to go lower (like 0.1%).
Market forced competition always has to grind up against inertia and switching costs.