Consumers won't like it unless they get theft and fraud protection equivalent to what the credit card companies offer (and are required by law to offer). I use a credit card b/c "who cares if it gets stolen I'm not liable." Whereas if someone steals money from my bank account I'm going to have show the bank was at fault in order to get the funds *restored.* With credit cards I just call the company, dispute the charge and don't pay the bill. If this group of retailers wants to take on that liability, then I don't see a problem. But I suspect they won't take that (very expensive) liability on, and so you're right that consumers won't like it..