We have real time payments in the EU that at least should replace PayPal in theory. But it fails due to friction, as most older banks (not neo banks or fintechs) have no easy way to present someone your IBAN. I'd also be wary to just present my IBAN to strangers, as it's enough to create a direct debit (I believe it's called). I'd miss the abstraction layer of protection. But then again I got cheated and neither PayPal nor my neobank provider helped me.