subset of transactions where Wave's technology allows the conversion of a CNP to a CP transaction, we are not talking the whole universe of EMV transactions.
Middleman solutions may well reduce the size of this subset (e.g. Paypal), or not.
i think the new simplified strategy is "first, engage narrowly with what exists using products for which the value is easy to explain, and then expand more broadly once wave is already a trusted partner."
ends up in the same place but seeks to get there by a different method.