Visa is making major changes to how its credit and debt cards will soon be operating in the U.S., and it might mean you’ll have fewer cards fattening up your wallet.
The most notable change will be the ability to carry one physical payment card—without a 16-digit account number—that’s connected to multiple bank accounts. For example, a person would not need to have a physical Bank of America debit card and a credit card. In connecting the two, they will be able to set criteria with the bank for what is paid from which account, such as transactions less than $100 or with a certain business go on the debit and other purchases go on the credit card.
The new feature is reportedly more secure for consumers using digital payments. Visa said that there are billions of stolen credit and debit card numbers available to criminals, and online payment fraud occurs around seven times more often than in-person payments. The changes are also a response to payment technologies such as the Apple Card, which doesn’t have a printed 16-digital account number and the number can change at any time without having to also get a new physical card.
Individual banks will be able to decide if, when and how to implement the new features for their customers, so it might take a while for consumers to see the changes personally.
