this post was submitted on 07 Jul 2023
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What do you mean by the transactional cost is not zero yet? The literal price of a bank transfer in my country is already zero (and near-instanteneous). And you can initiate one with a QR code or text message, both of which are very common.
But people still primarily go to aggregators for food delivery. Why? Because network effect: 80% of restaurants are there, so if you're not 100% sure where you want to buy you're food, you go there. Even if that ends up being 20% more expensive than going to www.websiteofrestaurant.com
Transactional costs in the 1930s Nobel recognized paper is different from a bank fee.
It's things like searching for where to buy food from or finding an employee or training them up, etc.
I see, thanks for the explainer.