Visa is working on a new form of banking tech that will allow users to map multiple accounts to a single card. The company says this will work with both digital and physical cards, but right now, the tech is still being tested in select markets, with a U.S. pilot plectrum slated to start in late 2024.
It’s hard to tell if this idea has legs since, in reality, you’ll still need to use your banking app to switch which fund is attached to your card. Ideally, you’ll get access to a wider range of accounts since one card can be your debit card, credit card, loyalty card and line of credit. However, it seems like Visa means to use this for its loyalty points programs. It’s unclear if you’d be able to add things like a Cineplex or Starbucks card to this new form of payment. Since you need to enable what account the card is tied to via your banking app, I don’t think it will be able to load in regular store loyalty programs.
Ideally, I’d love the card to have a small e-ink screen so I could see what account is attached right out of my pocket. A small button to cycle through a few preset accounts would also reduce a lot of friction from this experience. There were lots of startups looking to do this years ago before chip and pin became the main form of transaction at most retailers. However, since the inclusion of the chip, it’s been harder for cards to code-switch.
Visa seems to have a solution, but as I said, it’s clunky, especially compared to mobile tap-to-pay payments. Sure, we’re still in a world where most people use a physical card, but mobile is growing and I expect wallet minimalists to gravitate towards that instead of Visa’s new card. I think that people who don’t want to use a digital wallet are unlikely to adopt a code-switching card that they need to use an app to control. While handy, Visa’s solution actually seems more complex than having multiple digital cards.
Imagine stopping to buy something, and for some reason, you want to change accounts at the last minute. What’s faster, opening up your Apple Wallet and choosing a different virtual card, or opening up your banking app, signing in, and then navigating some menus until your physical (or virtual) card is attached to the account you want?
Don’t get me wrong, I love the idea of a single card, but if the goal is slimming down your wallet, virtual cards make so much more sense. And, since they’re virtual, they don’t take up any space, so having multiple cards actually makes organization easier.
Image Source: Visa
Source: Visa
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