[flessner]

As much as I like SEPA it is primarily for bank transfers.

The way that payments work through SEPA is that the merchant pulls the money from your account. Legally they require a "mandate" - this can be as little as a handwritten signature on a document.

Security is essentially provided by easy reversal and strong penalties for abuse.

[kingo55]

As opposed to blockchain where reversal depends on the grace of the merchant.

I've often wondered whether payments providers entering the blockchain space (like Visa/Mastercard) would act as trusted intermediaries for dispute resolution. Kind of a 2-of-3 multisig to disperse the funds in escrow.

[nl]

One of the most common examples of smart contacts is a reversible transaction with dispute resolution by a third-party.

Infact you could implement exactly what you suggest in a similar way.

[big_youth]

I'm sorry but I'm big into crypto and have never seen a contract like that deployed in the wild.

And I actually use crypto for payments more than most people. I used some just last week to buy a replica rolex from a chinese dealer because they gave a better price than credit cards.

[nl]

You've never staked a token? Every single major chain and most exchanges have staking contracts deployed which are essentially the same thing (you can't access your tokens until an oracle says so, or you cancel out).