An alternative like you said is with payment apps. One example I have seen in public is with Venmo, although there are drawbacks like no fraud protection and de

An alternative like you said is with payment apps. One example I have seen in public is with Venmo, although there are drawbacks like no fraud protection and delay in bank transfer. Latter is solved if you solely use your bank as a settlement layer and Venmo as the application layer — that is, conduct all internal transactions on the app and only settle when you need to trade with a person outside the app.