That is more the exception than the rule, though, even in the payment space. Here is a more typical example: A few years ago German banks realised that PayPal w

That is more the exception than the rule, though, even in the payment space. Here is a more typical example: A few years ago German banks realised that PayPal was eating their lunch, so they decided to start their own payment processor called "PayDirekt". In typical German fashion it was not only 15 years late, but also overly bureaucratic. As merchant you have to sign individual contracts with each bank whose cards you would like to accept. Naturally, it has largely failed to gain traction despite extensive marketing to end users. Another more recent example was Apple Pay launching in Germany. The German banks thought they could do their own mobile payment apps instead rather than work with Apple. Once again, it failed, and now, tail between their legs, they have begun signing up with Cupertino after they started losing customers to mobile-first banks like N26 who supported Apple Pay all along.