Yep, that's the point in the last sentence: many of these financial services companies end up partnering with banks, but not for the "wallet" component of their

Yep, that's the point in the last sentence: many of these financial services companies end up partnering with banks, but not for the "wallet" component of their services. The "wallet" part remains a relatively under-regulated financial product, while the debit card is only accessible to those who can pass KYC or otherwise meet the underlying bank's requirements.