Brazil has gone that route with PIX [0]. It's a fund transfer system with realtime confirmation. Many e-commerce stores accept it besides debit/credit, they can

Brazil has gone that route with PIX [0]. It's a fund transfer system with realtime confirmation. Many e-commerce stores accept it besides debit/credit, they can confirm the payment almost instantaneously and they usually give discounts if you use PIX instead of debit/credit (3-10%). Also, paying at stores, clinics, doctors, etc.. all done with PIX nowadays. Very few people are carrying cash these days. Very few clinics had a payment machine to accept debit/credit cards and now with PIX they have no incentive to do so anymore. To transfer funds, you can specify the user's ID (which can be a phone number, national tax identification or some random string the user creates). To pay for purchases, you usually scan a QR code or copy a payment string using your bank's app/website. It's very convenient. 0 - https://www.bcb.gov.br/en/financialstability/pix_en https://www.bcb.gov.br/en/financialstability/pix_en