That is pretty much how the dominant payment system in the Neterlands works (iDEAL):
1. The merchant shows a list of banks that support iDEAL (all major banks, currently 8)
2. You pick yours, the merchant sends you to your online banking environment
3. You log into to your bank account (with your username and password)
4. You review the proposed transaction
5. A transaction code is sent to your mobile phone which you have to enter (alternatively, a list with numbered transaction codes is sent to you using snail mail in advance, the website gives you the transaction code it wants which you'll have to offer; transaction codes are used only one time)
6. The transaction is made instantly and confirmed with the merchant. To the merchant's advantage, the transaction is irreversible.
The total cost can be as low as 45 cents for the merchant, with no fixed or upfront costs.
1. The merchant shows a list of banks that support iDEAL (all major banks, currently 8)
2. You pick yours, the merchant sends you to your online banking environment
3. You log into to your bank account (with your username and password)
4. You review the proposed transaction
5. A transaction code is sent to your mobile phone which you have to enter (alternatively, a list with numbered transaction codes is sent to you using snail mail in advance, the website gives you the transaction code it wants which you'll have to offer; transaction codes are used only one time)
6. The transaction is made instantly and confirmed with the merchant. To the merchant's advantage, the transaction is irreversible.
The total cost can be as low as 45 cents for the merchant, with no fixed or upfront costs.