The change is that newer financial systems, using ISO20022, run at bank level, allow instant net settlement between individual accounts, not just settlement at the bank level.
So the benefits to merchants/customers compared to Visa/MC:
Merchants
* Interchange is much cheaper, because the banks transact via the central clearing house which is usually sponsored by the country's reserve bank
* It allows for the merchant to set up direct debit payment structures that allow for things like subscriptions and other payments to be made with similar network and transaction fee savings
* It has all of the advantages of EFT and CC payments
* It can use QR codes, email addresses, and mobile numbers as identifiers, so it is much easier to pass on payment details. Merchants can operate with just a printed QR code, verifying payment on the customer's mobile.
Customers
* Banks can offer all of the same "perks" of credit cards, like lines of credit, branding, account holder offers.
* They can offer things like product insurance and return protection and similar consumer protections.
The "rails" are much cheaper to run and suits a 21st century financial system and is easier and more secure for consumers.