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The merchant/processor/issuer network with all the correct incentives is (nearly) impossible to replicate. Visa and Mastercard work more or less, perfectly.

The only entities that need/want "instant, non-recourse payments" are fraudsters.

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In the EU countries with local instant bank payments schemes they are much more popular with consumers than credit cards when paying attrusted merchants, who in turn pay around a quarter in fees of what they'd have to pay for cards. No need for expensive credit cards schemes in Europe any more.

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