Fraud can be managed at instant payment rails, you don't need credit card rails to manage it; fraud must be managed on any rails utilized, so it is somewhat agnostic. If you as a consumer want credit card chargeback protection insurance, push the fee onto the consumer with a surcharge to cover the cost. I believe the evidence is robust credit card rails are unnecessary in today's world, plain and simple. They are a bloated legacy holding on for relevance (and their grossly excessive margins) imho.

On fraud management:

Pix: https://www.europeanpaymentscouncil.eu/news-insights/insight...

UPI: https://ieeexplore.ieee.org/document/11063926