Visa on Wednesday announced major changes to how credit and debit cards will operate in the U.S. in the coming months and years.
“I think we’re getting past the point where consumers may never need to manually enter an account number ever again,” said Mark Nelsen, Visa’s global head of consumer payments, in an interview. 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.
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