This is the problem with a new system like this. Especially one designed to make more money for the retailers, and give them more access to consumer data.
They simply haven't been at this long enough to be trustworthy or competent at it.
And, historically, many of the vendors involved in the creation of this system have been fairly inept at implementing security, and fairly moronic about reporting it when it happens. Or understanding the severity of it when it happens.
So, sorry guys, I'll trust my bank -- because I know they're operating under at least some laws, and I'll trust VISA more than I'll trust you (because they've been at this for a while) ... but I will never use this system if I have a choice.
This is a payment system which is designed to make them more money, and give them more information to consumer information at point of sale. Which means they've primarily focused on those things, and have proven themselves to have done a terrible job at security.
So, what's in it for us consumers? I'd say nothing at all which provides value to us, other than the shiny baubles and discounts they're offering in return for them getting higher profits, and a much more detailed look at how and where you spend your money -- which they don't currently have since the CC processors don't let them have it.
The people making this new system are interested in it for entirely different reasons. Which means everything they do is for their benefit, and not ours.