(TheConservativeTimes.org) – Mark Nelson, Visa’s global head of consumer payments, says that a world where you carry around a plastic card to access your banks won’t be the case in the future. He stated that he sees a world where you’d have one card that can access all of your accounts from the same bank, including checking, savings, and credit.
Nelson said that the payment methods have changed more in the last five years than last five decades and that businesses are trying to support all of the different methods, instead of picking one method for everyone to use.
He was asked about “flex credentials” during the interview and what exactly that was. “That’s a remnant from when a card could only be one thing: debit or prepaid or credit. And so the concept of this flexible credential is that a card can be whatever the consumer wants,” he said. He stated that it would make “a card do multiple things instead of just one thing.”
“I think we’re getting past the point where consumers need to manually enter a credit card number at each merchant. So visually a consumer would still have a piece of plastic and it would have a sixteen-digit number,” he stated.
Flexible credentials are already available in Japan and it can be brought to the United States as it’s been very successful in Japan.
Nelson continued to say that a “transaction” number would be created for purchases instead of storing cards with certain merchants. Tap to pay is also something that would be changing and made simpler as people wouldn’t have to manually add their card to each merchant.
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