Also, it seems like this would make relatively sensible financial services from tech companies harder to get. Apple Pay/Google Pay, for example. A smartphone co

Also, it seems like this would make relatively sensible financial services from tech companies harder to get. Apple Pay/Google Pay, for example. A smartphone company is a perfectly logical choice to push for smartphone-based payments. I don't think that's the kind of thing we'd want to regulate away. Sometimes, vertical integration can be a good thing, because for some spaces the alternative requires so much coordination that it's awkward and clumsy. If you look at Tesla's supercharger network, for example. The very fact that there are no really serious competitors yet that are not tied to a specific brand of electric car demonstrates how lack of vertical integration can be a major impediment for chicken-and-egg-type problems. And while I'm sure there eventually will be, just having Tesla out there in the forefront is useful as a leading example.