This doesn't help with payments which take place without a card present, such as online and phone payments, which make up a large (and growing) proportion of transactions.
QR codes go brrr with pretty much anything ftom ideal to domestic payment rails in each SEA country.
We should replace payments only requiring the number. Make it so they have to use some kind of on device verification like the banks app or Apple Pay. Keep providing the old system for legacy customers but charge a “fraud fee” while the more secure payments become cheaper.
Perfect is the enemy of good. Everyone else solved it at physical locations, that should at least be a baseline.
Europe actually solved this by simply legislating how much Visa/MC are allowed to charge.
(yes, Wero, Vipps etc, but Visa/MC are still huge in Europe)