There are ways to make 0-confirmation transactions entirely safe for a merchant (it requires a trusted third party to co-sign spending requests). This can be automated, has no fraud risk, and requires very little working capital. No chargebacks either.

Even if it's the same companies running the show, their costs will be very low, (and it'll be easier for competitors to spring up). That's most of the costs associated with credit cards gone entirely.
People will still need loans, and maybe savings accounts, but checking accounts (the ones that pay no interest and are just so you can use the bank's money transfer tools) will be obsolete. That's a huge chunk of most people's money.

Plus there's 100+ countries that right now have no real way to spend/transfer funds online, and a billion+ people that have no bank account. They will both benefit massively from a system that gives them the benefits of our existing financial infrastructure without the onerous requirements.