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Does this assume that every number is used for credit card? I thought credit cards used only Mod10 compliant numbers, which is a subset of "every number". 

Talk of reduction in fraud driven by a certain security measure is meaningless unless it's accompanied by talk of how much failed transaction / revenue loss was caused by the security measure. IMO, fraud is a <1% problem whereas revenue loss is a >10% problem. I've long held that 2FA is a conversion killer and echo widespread fears that SCA will cause huge loss of revenues for Merchants. And anyone who has lived in a 2FA regime would know that security measures in payments really protect the interest of banks more than consumers. 

Your conclusion assumes everyone will comply with all these regs. Traditional banks and FIs might. But I have my own doubts about Fintechs.

As I highlighted in Fintechs Need Guts More Than Lawyers, Fintechs - and other Startup Categories in Regulated Industries - have found opportunities in Regulatory Gaps rather than Regulatory Compliance. 

Next only to traditional banks and FIs, govt was the target of fintechs' disruption threats. Nice try expecting more govt support now that they're in the doldrums. 

As the Indian regulator CCI has correctly pointed out, it's not mandatory for a user of WhatsApp messaging functionality to use WhatsApp payment functionality. As I pointed out in Cross Selling Is Hard, cross selling is not that easy. The 450M users of WhatsApp messaging functionality in India are not going to abandon their existing payment apps and adopt WhatsApp payment functionality just because it's available. 

In principle, I agree with the Indian regulator's decision to dismiss the antitrust case against WhatsApp Payments. That said, I'm curious to know why Brazil's central bank shut down WhatsApp Payments in that country after (I assume) it allowed it to start operating.

ICYMI there are mature and sophisticated chatbot technologies like Conversational Agents & Cognitive Virtual Agents. One Credit Union got better CSAT scores for its AI Chatbot than Call Center. Key Vendors: Kasisto, Clinc. Key AI Agents: Erica (BofA), Wendy (Westpac), AiDA (HSBC).

This just in: 

https://www.theregister.com/2020/08/14/privacy_collective_sues_oracle_salesforce_gdpr/

Oracle and Salesforce face multibillion dollar class action lawsuits for alleged GDPR violations caused by using data in the manner I described in my previous comment.

"It is to be alleged that Oracle's Bluekai and Salesforce DMP (formerly Krux) were misusing consumers' data by aggregating information collected from differing websites. That information was bundled up into profiles used to help them sell more effectively. Bluekai would collect data not just on one particular site but other sites too and then aggregate that data."

I'm unable to decide whether Wirecard AG is an example for or against my blog post Fintechs Need Guts More Than Lawyers!

Nice high level, theoretical article. Hope you'll follow it up with an in depth coverage of what happens when unwitting subscribers actually follow your advice to contact Merchants. Should you need some pointers, here's a partial list: Blocked out of Merchant website; Struggle to locate the "cancel subscription" button on the website; Find no cancel button on the website and be told to call a Timbuktu telephone # to cancel; etc.  

Sorry but I stopped reading after "Over the past decade, fintech has greatly disrupted the way people and businesses interact with financial services." because it's total BS.

Take your own employer, $LC, for example. Its stock price has crashed by 95% from $120 to $6 over the past decade. Then there's a fellow Online P2P Lender, On Deck. From a peak valuation of $1.5B, it was recently rescued in a distress sale for $90M.

I could go on and on but I hope you get my drift: The only thing fintech has disrupted is itself.