Let online transactions always include a step of logging into your financial institution's website and approving the payment from your end. You are already on the internet. The goal is to decrease fraud.
It would also be a good moment to add metadata to the transaction for your future reference.
We would need considerable new APIs to handle the three-way transaction (and defend from attacks like MITM in all directions of communication).
Periodic payments require more sophistication. But they have always been tricky things from the point of view of consumer protection.
The original motivation was to decrease the market failure of irrational impulse purchases (arguably a type of fraud perpetrated by the advertiser).
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