Coincidentally I just read a post from a business that's finding ordinary bank transfers getting more traction from customers than they expected:
https://www.revk.uk/2020/06/beyond-credit-cards-is-this-way-...
https://www.revk.uk/2020/06/beyond-credit-cards-is-this-way-...
The traditional problem with bank-to-bank transfers in a retail, or point-of-sale, setting has been speed. Cheque was about the fastest that could be mustered.
But with developments like UK Faster Payments (which is mentioned in your link) bank-to-bank transfers are getting faster, in some cases instant. And so usability at the point-of-sale is now on par with cards.
In Holland, iDEAL is used a lot for retail purchases. It's an instant bank-to-bank payment option that competes with the card networks.
The equivalent in Sweden is Swish. It too is moving into point-of-sale payments.
As for the US, I suspect that at some point Zelle will pivot into retail point-of-sale payments. At which point the card networks will have a big competitor.
All of this is good news if you are worried about the card oligopolies!
As a consumer, a credit or debit card gives me a lot of protection. I wouldn't give that up for anything (oh, and the cashback I get too).
In the US, most PIN debit card transfers occur via either MasterCard's Maestro or Visa's Interlink debit networks. Signature debit payments go through MasterCard/Visa's credit card networks. So you've still got the duopoly problem.
If you have a basic consumer dispute about something (such as a retailer not giving a repair/refund for a faulty item), you should be able to file a chargeback with the card issuer and get a refund.
In the UK, a credit card is much better though, as for any purchase over £100, the card issuer is joinly liable with the retailer for any issues.
https://www.which.co.uk/consumer-rights/regulation/section-7...
Apple Pay/Google Pay already offers near-instantaneous, highly-secure transactions in most stores - and with good consumer protection. Contactless cards offer the same up to £45.
I can get cashback/miles/reward points too.
What does a bank to bank transfer offer me as a consumer?
The difference between the Nordic countries and elsewhere may be that 10 years ago, these contactless payment methods weren't widespread.
You open the MobilePay app, and touch the NFC thing. The amount and payee is shown, and you swipe to confirm the payment. The retailer's POS gets a message.
In a small shop without a fancy POS system, they just print a paper QR code. You can scan that, but you need to type the amount yourself.
[1] https://images.squarespace-cdn.com/content/5564e82de4b0edcad...
They also assume you are involved in the illegal activity and you have to interview at the bank. All this for what can amount to a 20-50 GBP payment, and even if it represents <1% of your transfer volume.
If bank payments are going to become prevalent in e-commerce, this type of primitive reaction to fraud will need to improve drastically.
https://en.m.wikipedia.org/wiki/European_Mobile_Payment_Syst...