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The big old card companies might look ripe for disruption, facilitating as they do high “interchange” fees levied on merchants (averaging 2% in the US). But thanks to the spread of their operations into every corner of the world, it has been either impossible or economically unappealing for potential competitors to build new kinds of networks. The big question, amid such a frenzy of fintech innovation, is will that change? There are several reasons to think it might.
First, Twitter. Right now it might seem as if Elon Musk is blowing up the business he just bought for $44bn. But from electric cars to rockets, Musk is the sceptic-defying disrupter-in-chief. As one of the original PayPal founders, he has long sought to shake up the world of payments, and recently outlined plans to turn Twitter into a payments engine.
https://www.ft.com/content/562559e2-1f17-47f7-92e6-57766c9900b0
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