"Once the wallet is charged, payments on websites take only one click, are never falsely rejected by fraud detection and do not pose any risk of phishing or ide

"Once the wallet is charged, payments on websites take only one click, are never falsely rejected by fraud detection and do not pose any risk of phishing or identity theft." Pretty bold claims. Anyone can give ELI5 how it works? Merchant needs a bank account, customer needs to load funds to the wallet... Sounds quite traditional to me. Either these people are geniuses or they don't know what they are doing.