Fwiw I think a key difference in stripe vs twilio in your example is that stripe has 2 levers that twilio doesn't have good analogs to:

- stripe can be a "financial home" for many of its customers and build higher-margin pockets of software functionality, using easy payments as an on-ramp. See: stripe billing, radar, sigma, connect, etc.

- stripe is more likely to be able to "swap out" the credit card rails than twilio would be able to "swap out" sms. If the financial ecosystem evolves to make eg debit cards or any other kind of payment easier, stripe can simply add them as payment methods, as they already do for non-CC payment types (most notable outside of the US). So stripe is already at the abstraction level of "move money from customer to me" instead of "run their CC".