Visa changes coming this year will mean fewer cards for Americans
Visa customers will soon be able to use a single card for multiple credit, bank accounts and payment options
AI allowing payment companies to develop ‘sophisticated’ models to defend against fraud: Rohit Chauhan
Co-host of ‘The Big Money Show’ Jackie DeAngelis speaks with Mastercard EVP of Artificial Intelligence Rohit Chauhan to discuss the company’s efforts to defend against credit card fraud.
Major changes announced by Visa this week mean Americans will soon not need to carry around as many credit and debit cards.
During Visa's annual Payments Forum in San Francisco on Wednesday, the company unveiled its new Visa Flexible Credential, which will allow customers to use a single card to access payment options from multiple credit and bank accounts, and even "Buy Now Pay Later" plans when making a purchase.
Visa's flexible payment option is already available in Asia, and the company will begin rolling it out in the U.S. later this year. (Reuters/Dado Ruvic/Illustration/File Photo / Reuters Photos)
Visa's flexible payment option is already available in Asia, and the company will begin rolling it out in the U.S. later this year.
The card giant also said it will be expanding the ways consumers can "tap" to pay using mobile devices this year.
CREDIT CARD DELINQUENCIES ARE SURGING
Soon, any device can be used as a point-of-sale (POS) device for payment. Customers will also be able to "tap" to confirm their identities, to add a card to a wallet or app, and to make a person-to-person payment.
Customers will also be able to "tap" to confirm their identities, to add a card to a wallet or app, and to make a person-to-person payment. (Thomas Cooper/Getty Images / Getty Images)
Visa is also introducing a new Payment Passkey Service that will allow customers to make online payments with a scan of their face or a fingerprint, replacing the need to input passwords or one-time codes.
CREDIT CARD DEBT POISED TO SMASH ANOTHER RECORD HIGH
"The industry is at a pivotal point — new technologies like Gen AI are rapidly shifting how we shop and manage our finances," said Jack Forestell, Visa's chief product and strategy officer.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| V | VISA INC. | 307.41 | -4.40 | -1.41% |
Visa, Inc.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"We’re announcing the next generation of truly digital-native payment card experiences," he continued. "Today we unveiled new card features and digital innovations that will bring consumers into a more customized, convenient and secure future."