Australia too has instant and fee free transfers, so American staples like venmo just simply don’t exist here. People just send money to and from each other’s banks directly instantly and for free. So why would we need another service?

Crypto here would similarly make very little sense.

It's not about the domestic use case - that is solved by regulation in stable economies. Try paying someone in Pakistan from Australia. Business is global now.

As an aside, if banks in other countries also worked like this because we as a global society regulated them better then people in those countries could enjoy similar rewards.