Posted on 05/19/2024 2:37:01 PM PDT by Twotone
NEW YORK — Your wallet may soon be getting thinner.
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 new features could mean Americans will be carrying fewer physical cards in their wallets, and will make the 16-digit credit or debit card number printed on every card increasingly irrelevant.
They will be some of the biggest changes to how payments operate in the U.S. since the U.S. rolled out chip-embedded cards several years ago. They also come as Americans have many more options to pay for purchases beyond “credit or debit,” including buy now, pay later companies, peer-to-peer payment options, paying directly with a bank, or digital payment systems like Apple Pay.
“I think (with these features) we’re getting past the point where consumers may never need to manually enter an account number ever again,” said Mark Nelsen, Visa’s global head of consumer payments, in an interview.
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.
(Excerpt) Read more at washingtontimes.com ...
Yep. Google Pay, Apple Pay, Samsung Pay. Visa is late to the game.
Me neither. Maybe we should all go back to cash.
“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.”
Now there is recipe to have all your banks accounts drained by fraud. And that fraud will not be covered either. The bank will not be required to pay you back for it. Just as they are not required to do so for the current debit cards. Consumers are way too stupid to figure this out.
Already there is no way to set up a bank account so that only in person withdraws are allowed. The ability to shut off digital withdraws does not exist. Banks will not protect people in these matters.
This is a giant step in the coming digital cashless society.
I’m just glad I’m old and childless.
But, I hope I die before cash is banned.
Almost the same here. I trust my wife, she trusts me. Skeptical about anyone else. Burn me once, shame on you. Burn me twice, shame on me. Better yet, don't trust anyone and don't easily get burned at all. Except the government will burn us all.
Ah yes!
The screws on the serfs finances are tightening more and more...
Within a coupe of years, the government will decide the exact spending uses and limits that the peasantry are allowed...
As usual, the American serfs will grumble and then bow down to their communist masters...
I guess you’ll carry cash while you can.
There would be plenty of bargaining. I can only get two cases of beer, my neighbor can only get 3 boxes of ammo. We discuss and I ask for two cases of beer and I’ll get him his 3 boxes of ammo. Where there’s a way….
As long as we still get reward points on our cards, they can do what they want.
Are you telling us you think thieves should be inconvenienced? What kind of hater are you?!
Yep, words to live by for sure.
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