Visa is claiming to have reinvented the card and is unveiling new products for a digital age. The actual future changes announced are underwhelming against that back drop, but still somewhat interesting.
Visa flexible credential. Allows users to access multiple accounts through a single credential. For example you could toggle between different payment methods (debit, card, “pay in four” or rewards points). From my understanding this would still be linked to a single financial institution so you couldn’t have a Chase credit card and Wells Fargo card linked.
Tap to everything.
Any device can turn into a POS device. Assume this will be much higher fees than traditional POS terminals and their current mobile counterparts.
Tap to confirm. Authenticates identity when shopping online
Ability to tap your card to add it to your mobile pay (currently need to take a photo).
Tap to person to person. Allows money to be sent to family and friends
Visa Payment Passkey Service. Allows scan of biometrics like a face or fingerprint for online purchases, replacing one time codes or passwords.
All of it is somewhat interesting but it’s all made difficult by the fact that this only works on cards running on the Visa payment network. Think other solutions that allow all of the payment networks usually have a better uptake but at least Visa is trying.