Credit cards will NEVER be the same if Visa does THIS! Are you (and your wallet) ready for the future of credit cards? Learn all the details here! Click “Show More” to see Ad Disclosure.
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🔗 HELPFUL LINKS
1. AP NEWS - Changes from Visa mean Americans will carry fewer physical credit, debit cards in their wallets: https://apnews.com/article/visa-mastercard-payment-technology-fintech-applepay-15ce9d99661e9894571471786229dd47
2. VISA PRESS RELEASE - Visa Reinvents the Card, Unveils New Products for Digital Age:
https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.20686.html
3. VISA FLEXIBLE CREDENTIAL: https://usa.visa.com/visa-everywhere/blog/bdp/2024/05/14/one-card-to-1715696707658.html
4. THE END OF SWIPE AND TYPE: https://usa.visa.com/visa-everywhere/blog/bdp/2024/05/14/the-end-of-1715697387003.html
5. VISA PAYMENT PASSKEY: https://usa.visa.com/visa-everywhere/blog/bdp/2024/05/14/the-key-to-1715698035525.html
6. VISA PAY BY BANK / VISA OPEN BANKING: https://usa.visa.com/partner-with-us/info-for-partners/open-banking.html
Visa announced on May 15, 2024 that major changes to how credit and debit cards will operate in the U.S. in the coming months and years are on their way. The new features could mean Americans will be carrying fewer physical cards in their wallets, and will make the 16-digit credit or debit card number printed on every card increasingly irrelevant. They will be some of the biggest changes to how payments operate in the U.S. since the U.S. rolled out chip-embedded cards several years ago. They also come as Americans have many more options to pay for purchases beyond “credit or debit,” including buy now, pay later companies, peer-to-peer payment options, paying directly with a bank, or digital payment systems like Apple Pay.
The biggest change coming for Americans will be the ability for banks to issue one physical payment card that will be connected to multiple bank accounts. That means no more carrying, for example, a Bank of America or Chase debit card as well as their respective credit cards in a physical wallet. Americans will be able to set criteria with their bank — such as having all purchases below $100 or with a certain merchant applied to the debit card, while other purchases go on the credit card.
Other new elements are also in response to features that non-payments companies have rolled out in recent years. The Apple Card, which uses Mastercard as its payment network, does not come with a printed 16-digit account number and Apple Card users can request a fresh credit card number at any time without having to dispose of the physical card. Visa executives see a future where banks will issue cards where the 16-digit account number, if the new cards come with them, is largely symbolic.
Among the other updates unveiled by Visa are changes to tap-to-pay features. Americans will be able to tap their credit or debit cards to their smartphones to add the card to mobile wallets, instead of using a smartphone’s camera to scan in a card’s information, or tap the card to their smartphones to approve a transaction online. Visa will also start implementing biometrics to approve transactions, similar to how Apple devices use a fingerprint or face scan to approve transactions.
Disclosure: The thoughts, opinions, and information presented are those of the creator. This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com, YourBestCreditCards.com, Biltrewards.com and others. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
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