A Credit Card Network Is Coming Out With A New Feature Where Consumers May No Longer Need To Manually Input Their Account Numbers Online

May 17, 2024 By: Eliyah A. - CreditMonarch Online Writer0 comments

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Some credit card networks are modifying their debit and credit card operations to decrease the number of physical cards that Americans need to carry around. This would result in your wallet becoming thinner due to the elimination of carrying a debit card and their respective credit cards. All this is expected to take place by the summer and banks will have the ability to issue only one physical payment card that can be linked to multiple bank accounts with the new features.

For instance, a credit card companies debit card would be used to pay for all purchases below lets say $200 or with a certain merchant, while their credit cards would be used for other purchases. Some credit card networks claim that this could lead to the 16-digit code you need to type in every time you shop on a new website to become disused. These features are making it possible for consumers to never need to manually enter their account number ever again.

Introducing this new payment system represents the greatest changes in how purchases operate in the US since chip-embedded cards were introduced by companies several years ago. The reason this move was made was to change things up because of fraud involving online payments that were just getting out of control. These credit card networks estimated that payment fraud occurs roughly seven times more frequently online than in person.

Soon, Americans will have the ability to tap their credit cards or debit cards onto their phones and add them to their mobile wallets, as opposed to using the camera on a smartphone to capture the information on a card. It will also be possible for them to tap their card on their phones to authorize online transactions or tap it on a friend’s phone to send them money. The introduction of these new features will take time for individual banks, who will decide when to implement them for their customers.

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