Yes. I think one thing that's important is that, at the credit card network level, and I mentioned it briefly before, there are high barriers to entry. You're right that usually high prices would incentivize entry, but there is a real chicken-and-egg network effects issue at play, where you need to already know that there are a lot of issuers and consumers ready to use your card to convince merchants to take it. Likewise, merchants want to know that you already have a lot of consumers and issuers on hand ready to use the card. Those network effects, that chicken-and-egg issue, are quite a meaningful barrier to entry, I think.
On October 10th, 2024. See this statement in context.