In May of 2024, VISA announced a major change in how consumers will use and carry cards. The new features could mean that consumers will be carrying fewer cards in their wallets. It could also make the 16-digit credit or debit number that’s printed on the card irrelevant.

This would be the biggest change since embedded chips were rolled out several years ago.

The concept involves having one card that allows people to toggle between accounts. This includes buy now pay later options and cryptocurrency. One card, connected to multiple banking accounts, reduces the clutter for consumers who sometimes juggle several banks’ credit and debit cards as they navigate their daily financial lives.

“The industry is at a pivotal point – new technologies like Gen AI are rapidly shifting how we shop and manage our finances,” said Jack Forestell, Chief Product and Strategy Officer, Visa. “We’re announcing the next generation of truly digital-native payment card experiences. Today we unveiled new card features and digital innovations that will bring consumers into a more customized, convenient and secure future.”

The new products and services Visa unveiled today, which will begin to roll out later this year, include:

Visa Flexible Credit

The Visa Flexible Credential will allow a single card product to toggle between payment methods

Tap to Everything

There are six billion mobile devices in the world2 providing consumers with a versatile NFC enabled device primed to be “tapped.”

VISA Payment Passkey Service

Built on the latest Fast Identity Online (FIDO) standards, the Visa Payment Passkey Service confirms a consumer’s identity and authorizes online payments with a quick scan of their biometrics like a face or fingerprint. When shopping online, Visa passkeys replace the need for passwords or one-time codes, enabling more streamlined, secure transactions.

Pay by Bank

Non-card payments don’t deliver the same experience, security and protections as card-based payments. Electronic payments, like ACH transfers, have been left out of the digital revolution. With pay by bank, Visa is digitizing and streamlining the account-to-account (A2A) payments experience.

There is no listed timeline for these changes although some have started to take place already. It will be interesting to see how consumers respond to these changes.