I don't really get the concept and the benefits. The user has to install a wallet software, but the only way to fund that is using some existing payment method.

I don't really get the concept and the benefits. The user has to install a wallet software, but the only way to fund that is using some existing payment method. And the merchant needs a bank account. To me this sounds pretty pointless. With Bitcoin/cryptocurrencies anyone can setup a wallet and start receiving/sending instantly without any kind of existing infrastructure. If this system is based on people having bank accounts, it only adds value to those who are already privileged, and even for those the added value sounds questionable.