Surely hardware has much more of an economic moat than software, services, and payment services. And the manufacturing of that is dominated by China and to a l

Surely hardware has much more of an economic moat than software, services, and payment services. And the manufacturing of that is dominated by China and to a lesser extent Korea and Taiwan. All of whom have an interest in seeing hardware take a greater cut of value and for software to be commoditised. And it is common and possible for powerful countries or regions to build alternatives. India already has a payment system that is larger than Visa for digital and includes P2P and P2M.