In Europe it's already a thing some high-latency online transactions will give you the option to pay via bank transfer. Of course you need a European bank account to use it. This is despite the credit card fee being 0.2% by law.
Typically on the web you need to select your bank, get redirected to your bank's website with a pre-filled transfer you validate, approve 2FA on your phone app, and then the purchase gets confirmed only 1 or 2 business days later when the transfer gets received.
I see small businesses just give you their IBAN too, and you need to manually add it and make a transfer. Not seamless at all.
Asia has it better with more payment networks, union pay and QR code based networks.
However the EU is getting the "digital euro" in a few years as an alternative to VISA/Mastercard which is supposed to have similar dispute resolution mechanisms.