Mark Nelsen, Visa’s global head of consumer payments, sees a world where the plastic card in your wallet becomes increasingly obsolete and the standard 16-digit account number becomes worthless.
Nelson spoke to The Associated Press about what Visa , the world’s largest payment processor, is changing to payment processing in the U.S. and elsewhere around the world over the coming year. The biggest changes in the U.S. will be allowing Americans to access multiple accounts from the same bank from one bank card, be it checking or savings, debit or credit. The interview has been edited for length and clarity.
Q: It used to be when it comes to payments, it was credit or debit, checks or cash. Now it feels like we have so many choices, it’s hard to keep up. A: There’ve been more changes in the last five years than in the last 50 from a payment perspective. And so rather than trying to pick a winner, like here’s the way people are going to pay in every market, we are trying to support all these different ways to pay. Just allow for the choice.A: I’m someone who has, like, three cards from one bank alone. That’s a remnant from when a card could only be one thing: debit or prepaid or credit.
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