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I think you underestimate the difficulty of competing against visa or mastercard.

Visa and mastercard are logistical masterpieces.

Think of how much legal work needs to be done in order to be compliant in every country in the world.

Since they're giants, I wonder how much of the compliance is the other way: countries being strong-armed to comply with their terms.

"countries being strong-armed to comply with their terms."

I suppose that is just another way of describing "legal work" in this context.