You realise you can do this over bank account?

At least in the EU, a recurring billing over bank transfer is totally a thing...

From the GP:

"Netflix is part of the RFP Work Group. So presumably they are interested in offering consumers the ability to pay for Netflix using FedNow instead of a credit card. Instead of Netflix paying ~$0.50 in credit card processing fees per U.S. subscription they'll probably be able to find a bank willing to charge them < $0.25. It also gives consumers more control as they have to authorize each charge."

NB that last sentense. FedNow does NOT support recurring.