BusinessFILE - A Visa sign is displayed on the front door of a local business, April 27, 2021, in Urbandale, Iowa. The new features unveiled Wednesday, May 15, 2024 will be some of the biggest changes to how payments operate since the U.S. rolled out chip-embedded cards several years ago. Visa on Wednesday announced major changes to how credit and debit cards will operate in the U.S. in the coming months and years.
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.
Source: Loan Digest (loandigest.net)
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