Visa confirms major changes to 304 million U.S. debit and credit cards

VISA announced that cardholders will have a variety of options when making purchases.

According to the credit card company, existing cardholders will be able to choose from options such as buy now, pay later company, peer-to-peer payment options, pay directly through bank or digital payment options like Apple Pay.

Existing cardholders will be able to choose from a variety of payment methods, according to the credit card company
Visa told KING-TV that they foresee a day when getting a physical card will be viewed largely as a symbolic gestureImage source: Getty

“I think (with these features) we're past the point where consumers may never need to manually enter an account number again,” Mark Nelsen, Visa's global head of consumer payments, told NBC affiliate KING-TV.

The company said many of these news features were used to combat rising online payment fraud.

According to the San Francisco-based company, payment fraud is nearly seven times more common when transacting online.

Visa executives told the outlet that the biggest change to the card is allowing holders to access multiple accounts and decide which card to use for purchases.

Visa also announced that they plan to introduce face or fingerprint scanning when using contactless payments that mimic the Apple Credit Card.

The credit card company told KING-TV that it believes getting a physical card is largely viewed as a symbolic gesture.

Upcoming changes to Visa debit/credit cards

Here is a list of upcoming changes that VISA cardholders can look forward to.

1. Multiple payment methods (buy now, pay later, peer-to-peer payment method, pay directly through bank)

2. “Symbolic” physical card

3. Fingerprint or face scanning during contactless shopping

4. Ability to decide where to charge for each purchase

Nelsen revealed that these new features have already been launched in Asia.

Although these features are already available, they will still debut in the United States this summer.

However, banks still need to decide when and where to implement these features for customers.

The impending changes also come as Visa and Mastercard reached an agreement in March 2024 on a massive $30 billion antitrust settlement.

In settlement, companies agree to lower credit and debit card fee limits for U.S. merchants

News of the agreement was met with fierce resistance.

NRF Chief Administrative Officer Stephanie Martz slammed the deal, calling the cost savings “minimal.”

“The fact remains that these fees are an unfair business practice that harms merchants and consumers and benefits banks,” she said.

United CEO Scott Kirby echoed her sentiments, adding that the proposed agreement would “kill the rewards program.”

“This will kill the rewards program. It will cease to exist,” Kirby said in a statement obtained by the Daily Mail.

While these features are already available, they're set to debut in the U.S. this summerImage source: Getty
Nelsen revealed that the new feature has been launched in AsiaImage source: Getty

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