"Well I can't see this ending well. It's either more invasive KYC ..."

I think there is an opportunity here for an elegant solution.

Banks, by definition, know quite a bit about you and aspects of your identity and this is not necessarily problematic nor dangerous.

Further, banks enjoy exorbitant privileges above all other business firms and organizations - privileges that the public rarely receives any upside in exchange.

For these reasons, I think we should consider concentrating KYC responsibilities with the banks such that they do the heavy lifting and the rest of the economy reaps the benefits.

Here is one small example:

A credit or debit card which, by virtue of the card number itself, identifies the user as being over 18 years of age. The bank already knows this information with very high confidence and now smaller, less resourced firms could make use of this to effectively age-gate with almost no investment and no fragmented intrusion into the private lives of their customers.

I don't see any world in which the banks don't have all of this information anyway - why not get some value out of it ?

I would love to live in a world where I don't have to "send a pin to my cell" and instead this task is deferred to my bank.