It means you have far more choices in who to give your business to. For example, in a big city you can eat at thousands of restaurants. Or cook at home. However, I cannot choose from thousands of payment processors. With more payment processors competing for my business, I would get a better product and more choice.

> Another possible solution to banks having so much power is to regulate them more. I know a lot of libertarian types don't like that answer, but it is a valid answer.

I'm firmly not libertarian. Not even close. But I don't like to pull out the regulation stick until we see that more competition and a functioning market can't solve the problem. Since these transactions are now all digital, the potential for highly functioning markets has barely been explored.