The market wants to take a cut per transaction, perpetually. At a high profit margin.

This is one where not the market but a country/group of countries need to rollout their own public payments so fees are minimal to zero.

Ideal was a result of free market banking though.

> The system was conceived by the Dutch banks ABN Amro, ING Bank, Postbank N.V. and Rabobank, to develop a single system for online payments that could be used by all banks.

Currently owned by EPI:

> The European Payments Initiative (EPI) is a unified digital payment service launched in 2020 and backed by sixteen founding European banks and payment service providers.

I mean you could have a single protocol and then various different providers still competing, like email, or how even for Visa or Mastercard there's a bunch of different banks that partner up.