We could process transactions for so much cheaper than the credit cards and banks currently do. There is so much regulatory capture to protect the banks though. In the US businesses that process peer to peer payments are categorized as money service businesses (MSBs). MSBs have increased scrutiny applied to their accounts. It is very, very difficult to find a bank that services MSB accounts. It makes sense though, why would a bank want a high risk account that competes with it? The situation sucks though, I almost just want to start a bank to rebuild the payment system.