There is only one other payment processor (at least for cards) and that’s Visa. The margins are extreme, but so are the barriers to entry. To build a new card

There is only one other payment processor (at least for cards) and that’s Visa. The margins are extreme, but so are the barriers to entry. To build a new card network you somehow need to convince a bunch of banks and merchants to support your card network. Good luck with that. The EU even forced Mastercard to allow others to start a card network running over their infrastructure, after they bought EuroPay. But it’s so hard to get people to actually use a new card network, that no ones actually bothered to try.