I'm not saying that what Stripe, Paypal, Adyen, etc do isn't a lot of work, I just don't see how there's a moat there. For example I'd be shocked if the Amazon

I'm not saying that what Stripe, Paypal, Adyen, etc do isn't a lot of work, I just don't see how there's a moat there. For example I'd be shocked if the Amazon deal wasn't on terms that basically give Stripe very little profit - like you said, Amazon is capable of doing it themselves, it would only cost them XX million worth of engineering salaries, and Jeff Bezos isn't known for giving away money. Fraud detection on the other hand I'd believe could be a very high margin business, the "moat" being proprietary techniques that perform better than the competition, better data (as you mentioned), etc. However I've never heard anybody sing the praises of any of these platforms' fraud detection products - is that really where they are making their money?