https://www.moderntreasury.com/learn/what-is-fednow
https://frbservices.org/financial-services/fednow/community/...
https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federa...
Anyway, even FedNow is not enough. Europe has SEPA, Brazil has Pix. India has NPCI... and yet, they still haven't solved the side for micropayments and transactions still can be reversed and are not anonymous.
Perhaps you use some sort of fiat tumbler like privacy.com enabled for instant payments, where the merchant doesn't know who you are, but the money transmitter will still be required to keep records of the transaction and have a license.
(disclosure: i work in risk/compliance at a fintech)
Still, crypto could be used for the payment and KYC be done through other means.
That's a feature. I have no idea why people think irreversible transactions are a desirable feature. It's like a credit card where you're responsible for all charges, even if your card was stolen.
So:
1. Bad for consumers (who merchants also are).
2. Bad for people who make mistakes.
3. Good for merchants-as-merchants, including unscrupulous ones.
4. Good for thieves.
Reversible transactions come at a cost. There are times when the cost of the insurance from the transactions being reversible is higher than the cost of the transaction itself. For those times, it would be very desirable to have a way for irreversible transactions.
(Also, please read https://news.ycombinator.com/item?id=31463534 before continuing with any other false dichotomies. I am tired of "playing the tape" in regards to crypto discussions)