Visa to launch multi-account card to simplify banking

Global payments group Visa has outlined a series of major changes to its U.S. debit and credit card operations in a drive to streamline the company, which will see it launch a multi-account card that amounts to a “comprehensive” one-of-a-kind solution.

These new cards allow access to multiple bank accounts simultaneously, eliminating the need to carry multiple cards. Coupled with enhanced security implementations such as biometrics, this innovation addresses the growing demand for digital, streamlined banking solutions, a trend that has been exacerbated by the COVID-19 pandemic.

The traditional 16-digit number on each card will become redundant, a significant change since the introduction of chip cards. This development undoubtedly marks a shift in future transaction processing processes, demonstrating the evolution of digital encryption and advanced payment methods to reshape the way individuals conduct financial transactions.

An interesting feature is that banks can offer a card that can be linked to multiple bank accounts. The feature, already implemented in Asia and available to U.S. consumers starting this summer, eliminates the need to hold different cards for one bank.

The reforms are a response to rising online payment fraud; Visa estimates the risk is seven times higher than with physical products. To address this widespread issue, enhanced security measures will be implemented.

Visa multi-account card enables efficient banking

The combination of better encryption and newer digital verification tools will strengthen the overall security infrastructure.

Organizations are encouraged to adopt robust anti-fraud systems, ultimately increasing user confidence and preventing any fraudulent activity. Companies like Apple and its Apple Card (a 16-bit account number without a printed version) have had a significant impact on these changes. These factors ultimately led to industry-wide transformation, in addition to biometric customer authentication solutions.

Visa is also included in a system revamp aimed at improving tap-to-pay functionality and incorporating biometric data into transaction approvals, similar to what is available on Apple devices. While the timeline for these rollouts depends on individual banking institutions, these anticipated advancements represent significant advancements in digital payments, providing users with simple and secure transaction options.

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