UBS Sell and $17 target!, page-211

I know Uber is garbage, but it's not garbage because they lack a moat. They aren't exactly being outcompeted by lyft, and definitely not by oldschool taxicab models. I threw it in there both to be fair and to illustrate the deeper point.

As far as I can tell there are really only three things that matter in tech.

1) Talent flow
2) Network effects
3) Customer experience

I wouldn't argue that first mover advantage is all that matters, but it's certainly crucial. First mover advantage gives the second, and customer experience defends it.

As for other players in the payments space that have huge customer bases, yes they'll enter but in my estimation they'll enter in the same stock standard way all the big boys enter into things - buyouts, mergers, partnerships. All of which are good for the shareholders of said tech companies. Remember, CBA didn't roll out their own BNPL service - they partnered with Klarna.