Americans will soon have the option of carrying less cards in their wallets.
Visa is making some major changes to how credit and debit cards will operate in the USA, making the 16-digit credit or debit card number printed on every card irrelevant. The biggest change will allow banks to issue one payment card that will be connected to multiple bank accounts. For example, someone could have one physical card linked to a debit and credit account. You would be able to set criteria with your bank - All purchases below $100 or with a recurring merchant be applied to your debit account and other purchases be applied to your credit card.
The move is in part to curb the number of online fraud which continues to increase more with the adoption of digital payments. Payment fraud is increasing and occurs more often online with billions of stolen credit and debit card numbers available to criminals. The Apple Card is a great example of these changes as it has eliminated the 16-digit account number on their cards.
The new features and the ability to link different accounts to one physical card will take time to filter down to the banks, but since banks and credit card companies are VISA’s Customers, the changes might happen quicker than we think.
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