long term business model in doubt

in my view there are serious issues with their business model:

a. They charge 10% for their product, due to the monopoly they hold. this is 10x the average credit card charges.
b. threat of regulation e.g. Victoria already enforcing a 5% cap, and there is a serious likelihood this will follow nationally.
c. the threat of competitors through mobile payments could effectively end CAB's monopoly. Some examples include the emergence of Mint Wireless (MNW) and their payclip product.

Now if some of the factors above eventuate to put pricing pressure on CAB, you can expect their margins to be squeeze to a fraction of what they are.

Even directors have sold recently. How can it justify its $450M+ Market cap? Long term, I just can't answer that.