I'm having a job thinking of any of the "surprising number of viable business models which involve undercutting the incumbents for payment services." Outside of fintech I can think of companies using LVLT's fiber network and not paying much. Also travel companies booking off peak hotel rooms and paying enough to cover maid service etc but not the cost of building the hotel. Both of those happen where there is an excess of capacity in a competitive industry. When things turn and there is a shortage, hotels and the like can jack their prices.
