Take-rate compression is showing up where it matters

The effect is on terminal value rather than near-term earnings, which is why the market underreacts. A capped monetisation rate changes the growth rate in perpetuity even if next year's number is unaffected. The offset is value-added services, which remain unregulated and are growing faster than the core. Whether that is enough depends on mix arithmetic that is now the central question for the sector. Take rate is the product of interchange, network fees and value-added services. Regulation has historically targeted only the first, which is why prior rounds did little damage. These decisions reach further.