Consumers in African countries have famously had mobile banking that skipped legacy system for many years now, maybe even a decade. European consumers have long had instant payments with no fees. So far as I remembered, practically the only country where consumers still don't have this is the US, thanks to its crazy patchwork of banking systems with embedded corporate and anti-consumer interests. Just like the US is the only country where checks are still in regular use, and paying with a card can still sometimes only be done with a signature(!) instead of chip-and-pin or contactless, etc. I remember going to Chicago for HIMSS a couple of years ago and not being able to pay for pizza in a big restaurant with Apple Pay. Like so much of US life, it's just antiquated.
The net new stuff from consumer / small biz perspective is push-to-pay (theoretically exists in some countries but rarely used), the zero cost payment system for micro merchants, and payment inside messaging. All the rest of the net new is behind the scenes architectural, and is great, but not needed to achieve the same benefits.