Moats are typically overrated in business, as demonstrated by the payments industry.
My general view is: "For most products and most businesses, things can just be done much better". Moats are typically overrated. The payments are a great example of a domain where, on a logical basis, you would say that there are so many sources of defensibility: there's the network effects of the account holders, the data network effects/economy of scale for fraud, regulatory modes and barriers etc. etc.