Keep an eye on the pie chart

I was reading this article today; https://seekingalpha.com/article/4395431-apple-pay-payments-systems-are-getting-and-attention and it reminded me of something I have been projecting for a long time. As electronic payments make up a larger and larger portion of overall payments, heavier regulatory scruitiny is ineveitable here in the US. In Europe and Australia there has been significant regulatory influence and of course the Durbin Amendment was a sign of things to come here. Open Banking mandates in India, Singapore and Europe are further examples. Covid will probably have now accelertated the move towards even more regulation even sooner. If you look at a state like California and how PG&E is regulated, you get a sense of where this will eventually be.