The tariff for using VISA/MA "rails" is just 10 bps. Therefore, they probably can innovate in blockchains or any new technology as that evolves. Their current solution does not tax the system heavily and hence has more staying power. The regulatory nature of the business probably can provide ample time for nimble players (as long as current incumbents are nimble) to take on disruption before competition reaches critical mass. Curious what other folks here think of this. Thanks