Visa cards are getting a digital upgrade that could free up some space in your wallet.
The new feature will allow users to keep fewer physical cards.
The company is rolling out a new feature that will allow users to have one physical card for both credit and debit purposes. It will be connected to an app which users can use to toggle between credit and debit accounts that the card will be connected to for purchases.
You’ll also be able to pay with rewards points, and utilize "buy now, pay later" options.
Visa Flexible Credential is already available in Asia and will be available in the U.S. starting this summer.
@scrippsnews Visa is changing things up so you have one card for everything. A new feature - launching this summer - will allow users to pay with debit, credit, and reward points with one physical card. #Visa #moneytok #news ♬ original sound - Scripps News
A study from Visa found that 51% of card users want the power to access multiple accounts and funding sources through a single credential, according to Visa Flex Account Consumer Researcher in November 2022.
Over the years, cards have gone from swiping, to inserting chips, to tapping to pay, in a shift that’s accelerated the payment industry.
Visa also announced other new features this week. Customers will be able to tap phones to pay family and friends electronically.
They will also have new tech using a biometric passkey, similar to how Apple Pay operates.
“The industry is at a pivotal point — new technologies like Gen AI are rapidly shifting how we shop and manage our finances,” Jack Forestell, the chief product and strategy officer at Visa, said in a press release. “We’re announcing the next generation of truly digital-native payment card experiences."
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