Ubiquitous broadband, mobile computing technology, content galore, VC money everywhere ...let’s
develop a new payment system! Visa, MasterCard, American Express, Discover – so old school, stodgy,
and card centric. Banks, not to mention PayPal, Amazon, Google and Yahoo, are looking for new
payments models to differentiate themselves, so why not start up a new payments company and wait for a
buyout? A couple of hundred thousand dollars for software and some marketing and you’re on your way,
right? Well, no. You have actually picked one of the most heavily regulated small businesses around.