It feels to me like payment processing has a similar function to physical currency. Like all of those security features on the bills are used to ensure the transaction is trusted.

Point being, I've long thought that payment processors are essentially doing a job that should be done by the government.

There are strange gaps where physical services have digital analogues but are completely ignored by the government.

I don't understand why the treasury doesn't process payments or why the post office doesn't issue email addresses, for another example.

Anyways, back to the point, physical currency specifically says that it is valid for all debts. If they applied the same logic to payment processing, then this would never happen.