In reply to Philip Cohen.

Philip,
Do not be so flippant about something you do not understand.
I provided my proprietary design to MCX to solve the problems you correctly identified above, under a strict NDA in October 2012. I will not breach this NDA by disclosing the commercial secret that would damage the MCX business before it can even launch.
With Fortress and MCX Payment Services
Merchants are guaranteed payment with no fraud losses and transaction costs that are a fraction of the current Credit Card fees.
Customers are guaranteed privacy and no fraud and a simple easy payment process with integrated loyalty.
Patent: 7,384,858 (Priority February 2000.)
There are only two mutually exclusive way to make a payment between a merchant and a customer.
Either the customer give the payment instrument details to the merchant. (Credit, Debit, Cash Check etc.) so the Merchant can process the payment as a single entry.
OR
The Merchant can give the transaction details to the Customer, so the Customer can authorize the payment and both can send the transaction details to the payment processor. Where the double entry of the details are matched. (This is the patent I secured in USA & Europe)
So any system that displays the transaction details on the Customers phone to enable the customer to authorize the payment is by definition in breach of the Patent.
Now lookup NACHA "Regulation E" and see if you can work out how this authorization by the Customer can change the whole business model for payments in the future.
Otherwise wait until MCX makes an official announcement.