Global payments conglomerate, Visa, has outlined a series of significant adjustments to the operations of debit and credit cards in the U.S. In a push for streamlining, the company will inaugurate the launch of multi-account cards, equating to an “all-in-one solution.”
These new cards make it possible to access several bank accounts simultaneously, removing the requirement of carrying multiple cards. Coupled with increased security implementations such as biometric technology, this innovation addresses increasing demands for digital, simplified banking solutions, a trend heightened by the COVID-19 pandemic.
The traditional 16-digit number on every card will be made redundant, in a notable change since the introduction of chip-enabled cards. Undoubtedly, this development signifies a shift in the future process of transaction processing, showcasing an evolution towards increased digital encryption and advanced payment methodologies, reinventing how individuals conduct financial exchanges.
One intriguing feature is the facility for banks to provide a single card that can be connected to multiple bank accounts. Already implemented in Asia and available to U.S. consumers starting this summer, this feature eradicates the necessity of having different cards for one bank.
These reforms arrive as an active response to the rising occurrences of online payment fraud; with Visa estimating the risk to be seven times higher than that of its physical counterpart. To counteract this prevailing issue, enhanced security measures will be put in place.
Visa’s multi-account cards for efficient banking
The incorporation of better encryption techniques alongside updated digital verification tools will fortify the overall security infrastructure.
Organizations are encouraged to enlist robust anti-fraud systems, ultimately heightening user confidence and protection against any fraudulent activities. Companies like Apple and their Apple Card, which lacks a printed 16-digit account number, heavily influence these changes. Alongside biometric customer authentication solutions, these factors culminate in an industry-wide transformation.
Also included in the system overhaul, Visa intends to refine tap-to-pay features and incorporate transaction approval via biometric data, similar to features on Apple devices. Though the timeline for these introductions rests upon individual banking institutions, these anticipated advancements demonstrate a notable stride towards digital payments, promising users uncomplicated and secure transaction options.
