You DO realize your banks are the payment processors in that case, right? And they are also working through an intermediary to facilitate said transfer (which has almost all the same problems as above). The money still has to get from Bank A to Bank B which gets even harder if they are in different countries.
And just to preempt “then why not just do everything with bank transfers?”
Credit card companies provide a LOT more fraud protection.
We basically do. You transfer money from your bank to your card (either as debit or credit). Your card then uses Visa/Mastercard to transfer money across whatever barriers to the destination card which then is transferred to the destination account
You DO realize your banks are the payment processors in that case, right? And they are also working through an intermediary to facilitate said transfer (which has almost all the same problems as above). The money still has to get from Bank A to Bank B which gets even harder if they are in different countries.
And just to preempt “then why not just do everything with bank transfers?”