In reply to Philip Cohen.

It does not seem to be possible for you to think outside of the payment card box... or terminology for that matter.
Just for a moment imagine that there is internet, mobile networks and consumer electronic devices, and electronic bank accounts. Would you recommend this 60 years old, 4 party payment system as you dream design for payers and payees to use?
Unless you own MC or VI (or get paid by them) you would not.
Open your mind.