It's more than that.
Unlike the data from private companies VISA or MasterCard, or payment processors, which they have to ask and may not come so easy, unlike private banks where locking your money may take a while (papers getting sent, approved, operations done only in banking days), their own electronic money solves all this: full control over all the information and tracking, full control for locking or confiscating the coins they want whenever they want.
Shortly: full surveillance and control, that's why they bother. And I expect to be cheaper to be used than credit cards, hence shops may even advertise/prefer this kind of payment.
And yes, I also expect it will allow reversal or payments; being centralized it may not even need a blockchain.
And why would anybody agree to use this surveillance systems? The only viable answer is, they are going to eliminate all the other competitors ,and that includes bitcoin as well, so you won't have any other choice. And if they will be their own payment gates and render VISA/MC obsolete I guess that's very bad news for their shareholders.
As far as I know, they can already confiscate the dollars whenever they want if they are sitting in a bank account but again, the big problem is the physical notes.
I see it as a futile attempt to make people spend their currencies on the stupid shit because that stupid shit (like phones, TV's, luxury cars, newer GPU's) create jobs and the more people get employed the more successful the government looks and the more successful the government looks, the more votes they get in the next election.
I guess they may even block your commodity purchases with this new system because buying commodities would fuck them up.
