San Francisco, CA — Visa has upgraded its credit card system and implemented changes that make it easier for everyone to make payments—stores, banks, and consumers. These changes aim to make using credit cards even easier than Visa has already done so over the years.
A Trusted Name in Payments
Widely accepted around the world, it’s one of the most popular payment companies in the world. You can easily spot the familiar Visa logo on many credit cards, debit cards, and some prepaid cards. While synonymous with cards, even contactless payments, where you simply tap your phone or card to pay, often rely on Visa technology.
People use Visa cards for everything from everyday shopping to booking vacations and online purchases at all of the world’s largest eCommerce sites. For those who enjoy online entertainment, finding an online casino that accepts Visa is as simple as typing “online casino” into Google since most of them accept Visa payments.
The world-renowned reputation Visa has makes it an easily trusted way of funding your gameplay. However, it’s still important to check that using a Visa card for online gambling isn’t restricted by any local regulations and the specific online casino you use, especially if it’s an offshore one.
Visa Taps into the Future of Payments with Enhanced Features
From seamless toggling between payment methods to lightning-fast tap-to-pay features, here’s what you need to know about Visa’s new features:
Visa Flexible Credential: Visa announced a significant innovation in its credit card system known as the “Visa Flexible Credential.” This new card allows users to switch between various payment methods, including debit, credit, Buy Now Pay Later options, and rewards points, all on a single card.
You don’t have to carry lots of cards anymore, and paying for everyday things, booking travel, and splitting bills is now easier. The Flexible Credential is already available in Asia and is expected to launch in the US soon.
Visa’s tap-to-pay technology, boasting a whopping 65% global adoption rate, is getting even more convenient and secure. They’re rolling out a suite of new features that go beyond traditional point-of-sale terminals, making it easier than ever to pay with just a tap:
Tap to Pay Anywhere: Visa’s popular tap-to-pay technology is evolving beyond physical terminals. The new “Tap to Pay Anywhere” feature lets you make contactless payments using almost any device. You don’t need the usual payment terminals anymore—just tap and pay to streamline the process of paying bills or splitting costs with friends.
Imagine splitting a restaurant bill or repaying a loan with a simple tap of your phones together. Visa is making it easier and faster for people to pay using tap-to-pay. They want to create a smoother payment experience for consumers. As more people are using smartphones and tap-to-pay is already popular, Visa’s new features fit naturally into the payment world as things are currently operating.
Tap to Confirm: Visa’s “Tap to Confirm” simplifies online purchases by letting you confirm transactions with a single tap —no more tedious passwords or security codes.
Tap to Add Card: Adding a new card to your digital wallet for quick and easy payments is even safer with “Tap to Add Card.” This feature provides an extra layer of security during the process, giving you peace of mind.
Tap to P2P: Sending money to friends and family is becoming as easy as a tap. “Tap to Peer-to-Peer” means you can use your phone or another device with Visa to send money to friends and family easily and instantly without dealing with tricky bank transfers.
These innovations extend beyond mere convenience. Visa is redefining the future of payments by prioritizing simplicity, speed, and enhanced security. With features like Tap to Pay Anywhere and Tap to Confirm, Visa’s plans are to set the stage for a future where paying becomes an almost seamless experience.
$30 Billion Visa Mastercard Swipe Fee Deal Blocked, Leaving Businesses in Limbo
A federal judge recently rejected a multi-billion dollar antitrust settlement between Visa and Mastercard on credit card swipe fees. This throws a wrench into efforts to lower fees for businesses.
An agreement between Visa and Mastercard to lower credit card fees for stores was blocked by a judge. This deal, made in March, aimed to make swiping your card cheaper and keep those fees low until 2030. Now, it’s unclear whether the plan will ever materialize.
Visa and Mastercard, who control about 80% of the market, must decide whether to renegotiate with merchants or proceed to trial. Swipe fees, which average over 2% per transaction (and nearly 4% for premium cards), cost retailers and customers more than $30 billion annually.
Adding to the concerns, a group representing retailers in the US, the National Retail Federation, isn’t happy with the proposed deal. They argue the deal doesn’t do enough to fix the problem of Visa and Mastercard having too much control over the credit card market.
Visa and Mastercard Agree to Keep Card Fees Low in Europe
In a separate announcement, Visa, along with its competitor Mastercard recently agreed to extend existing regulations that limit the fees they can charge on card transactions across Europe. This is a win for European stores. They’ll keep getting lower fees when people use cards to pay, which helps them keep their prices down.
These caps, originally set in 2019, were due to expire in November 2024. This agreement keeps the lower fees in place for another five years, helping make paying with cards cheaper and more predictable for businesses across Europe.
Here’s what it essentially means:
Lower fees for consumers: The caps limit the fees that retailers pay Visa and Mastercard for processing debit and credit card transactions. Stores might not need to raise prices as much since their fees for processing card payments are staying lower. This could mean lower prices for consumers in the end.
Extension until 2029: The new agreement extends these caps for another five years, providing continued stability and lower fees for European economies. This is a double win for Europe. It makes paying with cards easy and cheap for shoppers and stops stores from getting charged too much when you use your card.
