There are alternatives e.g. girocard/giropay in Germany where the bank of the buyer takes the risk (only if a PIN was used, iirc.). The former is POS, the latter online. Accepting the latter does still cost 3%, and like 20ct or so per transaction. The risk is just not there for the merchant, so this might make sense. Therefore it is in the interest of the buyer's bank to make him adopt tighter security, e.g. with 2FA, in the form of sms or a rubber keyboard/lcd/photodiode based device that enables HID and limited automatic reading of a 5-bar blinking code on the screen to the chip in the bank card, which provides an 8-digit code bound to this specific transaction that has to be entered below the blinking bars.

The main benefit there is that banks are iirc. legislated to provide this to everyone, and because merchants have no risk this way they don't ever have to filter potential customers based on perceived creditworthiness and similar factors.