FILE - A Visa sign is displayed on the front door of a local business, April 27, 2021, in Urbandale, Iowa. The new features unveiled Wednesday, May 15, 2024 will be some of the biggest changes to how payments operate since the U.S. rolled out chip-embedded cards several years ago.
They will be some of the biggest changes to how payments operate in the U.S. since the U.S. rolled out chip-embedded cards several years ago. They also come as Americans have many more options to pay for purchases beyond “credit or debit,” including buy now, pay later companies, peer-to-peer payment options, paying directly with a bank, or digital payment systems like Apple Pay.
Some of Visa’s new features are in response to online-payments fraud, which continues to increase as more countries adopt digital payments. The San Francisco-based company estimates that payment fraud happens roughly seven times more often online than it does in person, and there are now billions of stolen credit and debit card numbers available to criminals.