DLocal identified a niche where global companies like Amazon and Netflix struggled to accept payments in emerging markets because local payment methods, unlike Visa or Mastercard, were not universally accepted online. This B2B focus on solving complex, fragmented payment infrastructure became their core business.

In emerging markets like Nigeria, a standalone food delivery business struggles with price sensitivity. By pursuing a super app model, a company can use low-margin food delivery as a customer acquisition channel and convert users to a high-margin payments product, enabling it to undercut pure-play competitors.

Visa's moat is threatened less by traditional competitors and more by sovereign payment systems. Government-backed networks like India's UPI and Brazil's Pix facilitate direct bank-to-bank transfers, bypassing Visa's rails. In China, state control and super apps like Alipay have effectively blocked Visa from the market.

Consumers in markets like Kazakhstan adopt new technologies more rapidly than in the US or Europe. With fewer legacy systems and entrenched habits to change, the adoption curve for new digital services is significantly steeper and faster.

Booking.com's global success depends on accommodating local payment preferences. Most people outside the US don't use Visa or Mastercard, so the company must integrate dozens of regional methods like Alipay in China or M-Pesa in Kenya, managing complex FX and regulatory risks to succeed.

MercadoLibre built its payment system, MercadoPago, out of necessity in a market lacking a trusted digital payment solution. This created a powerful, integrated commerce and payments flywheel that fueled adoption and established a moat that competitors like Amazon struggled to overcome.

To get rule changes from giants like Visa and MasterCard, Square didn't fight them. Instead, they showed how their technology would bring millions of new, smaller merchants onto the credit card network—a market the incumbents' existing system was too expensive and complex to reach.

The wide range of hypothetical Venmo suitors—from Apple and JPMorgan to Starbucks and TikTok—reveals that peer-to-peer payment networks are no longer just fintech tools. They are viewed as versatile strategic assets for building 'super apps,' enabling social commerce, and accelerating checkout for various industries.

Kaspi's journey from a conventional retail bank to a dominant tech super app in Kazakhstan was catalyzed by its pre-existing banking license—a valuable and difficult-to-obtain asset in a developing financial market that gave it a unique starting advantage.