That seems like a big regression versus a paper check. With a check I can “spend” the money immediately, or at least commit to spending it. It isn’t deducted until the check clears (which is a pain) but I don’t have to wait around for 4 hours apologizing to the seller until I’m allowed to transfer my own money.

This reads like you’ve never made a large purchase outside of the internet. I don’t know why you’d advocate for this except to be contrarian.