Problem is, the world consuming these things mostly seems to want those parts, and can't ignore those other parts. Which seems to explain relatively low uptake.
Payments are pulled instead of pushed; the underlying credit card numbers lack even a semblance of security; there is all kinds of mis-design due to the way that restaurant tips work; it all started when credit card imprints/readers were all assumed to be offline; etc.
One of my earliest memories is my mum paying for groceries using her credit card in the 90/00s, where the machine used was completely mechanical/manual. It copied the card number (that was embossed on the plastic) by literally taking a carbon paper rubbing of the card. The system was designed to be offline, because back then there was no "online".
I also recall the occasional business writing down credit card details, in person, with a pen, on a form they had for the purpose.
Sadly, I still see this...
A "built for online first" payment paradigm would look different, but it would have an enormous chicken-egg or installed-base problem, unless you had something with government-level muscle enforcing it.
If the electronic retail payment industry hadn't already been captured by VISA and MasterCard, I could very well see something like this, a much cheaper and simpler system, being what everybody uses. There's countries (India?) where debit/credit card adoption was slow and now these simpler solutions have significant market share.
You could pay with cash or debit if you wanted to, but then you can't chargeback the business.
We just need a non-profit integrator to do it worldwide... Use credit card as a fallback if everything else fails.