> Payments are transferring bits, and should be effectively free Payments are also about establishing trust, which goes wrong a lot. You can in practice make p

> Payments are transferring bits, and should be effectively free Payments are also about establishing trust, which goes wrong a lot. You can in practice make payments very cheap with some cryptocurrency schemes, but don't get fraud protection, chargebacks, and customer service that credit cards provide (unless you introduce another party in the middle taking a cut). It seems to me the innovation required to actually reduce costs would replace the credit card system, not build on top of it.