VISA announced that cardholders will be able to choose from several options when making a purchase.
According to the credit card company, current cardholders will be able to choose options such as buy now, pay later companies, peer-to-peer payment options, pay directly with a bank, or a digital payment option like Apple Pay.
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“I think (with these features) we are past the point where consumers will never need to manually enter an account number again,” Mark Nelsen, global head of consumer payments at Visa, told the NBC affiliate. KING-TV.
The company stated that many of these new features are being used to combat online payment fraud that has been on the rise.
According to the San Francisco-based company, payment fraud occurs almost seven times more often when a transaction is made online.
The Visa executive told the outlet that the biggest change to the card allows cardholders to access multiple accounts and decide which card they want to purchase with.
Visa also announced that it is planning to introduce facial or fingerprint scanning when it comes to contactless payments that mimic Apple’s credit card.
The credit card company told KING-TV that they see a time when getting a physical card is largely seen as a symbolic gesture.
Upcoming changes to Visa debit/credit cards
Here is a list of upcoming changes VISA cardholders can expect.
1. Multiple payment options (buy now, pay later businesses, peer-to-peer payment options, direct payment with a bank)
2. Physical ‘token’ card
3. Fingerprint or face scanning when making a contactless purchase
4. Ability to decide where each purchase will be charged
Nelsen revealed that the new features are now available in Asia.
Although they are already available, the resources are expected to debut in the US this summer.
However, it is still up to banks to decide when and where to implement features for their customers.
The upcoming move also comes as Visa and Mastercard have reached agreement on a massive $30 billion antitrust settlement in March 2024.
In the deal, both companies agreed to lower credit and debit card fee caps for U.S. merchants.
News of the agreement was met with substantial resistance.
NRF Managing Director Stephanie Martz criticized the deal, saying the savings would amount to “pennies on the dollar.”
“The fact is that these fees are an unfair business practice that harms merchants and consumers and benefits banks,” she said.
United Airlines CEO Scott Kirby expressed his feelings by adding that the proposed deal would “kill rewards programs.”
“It would kill rewards programs. It would no longer exist,” Kirby said in a statement obtained by MailOnline.
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This story originally appeared on The-sun.com read the full story
