The Misaligned Opportunity in Payment

Key Takeaway

Retail Payment

Aggregation Theory describes how platforms (i.e. aggregators) come to dominate the industries in which they compete in a systematic and predictable way.

Zero distribution costs. Zero marginal costs. Zero transactions.

Source: Aggregation Theory by Ben Thompson
Source: Aggregation in Payment from Fintech Rumination
Facial payment

Business payments

Typical credit card payment flow diagram. Source: Jas Shah
E-Commerce Retail Sales as a % of Total Sales. Source: US Census Bureau

B2B Payment

Source: Goldman Sachs

Conclusion:

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