So basically a modernized M-PESA? Where you just scan a QR code or such, and then say how much $$ you want to transfer to that account, with cash-like low effort?

The last bastion of cash, for me, here is garage sales. Absolutely everything else has gone cashless, but low-friction, low dollar transfers between individuals is still ruled by cash. Not that I haven't paid for stuff via Interac e-transfer but that has high friction (log into bank app, add one-time payee etc.) so only for cases where suitable cash isn't on hand.

The consumer infrastructure isn’t part of this agreement, so don’t expect it to be better than interac on that front. (Interac etransfer can also do the above with QR codes, but most people don’t bother. I’ve only seen street musicians set it up.) The primary benefit here is reducing interac settlement time from 30 minutes to less than 2.