Visa changes coming this year will mean fewer cards for Americans
Home buyers with good-credit will pay more for their mortgages because of new federal rule
A Biden administration rule is set to take effect that will force good-credit home buyers to pay more for their mortgages to subsidize loans to higher-risk borrowers. Experts believe that borrowers with a credit score of about 680 would pay around $40 more per month on a $400,000 mortgage under rules from the Federal Housing Finance Agency that go into effect May 1, costs that will help subsidize people with lower credit ratings also looking for a mortgage, according to a Washington Times report Tuesday. More LiveNOW from FOX streaming video
Major changes announced by Visa this week mean Americans will soon not need to carry around as many credit and debit cards.
During Visa's annual Payments Forum in San Francisco on Wednesday, the company unveiled its new Visa Flexible Credential, which will allow customers to use a single card to access payment options from multiple credit and bank accounts, and even "Buy Now Pay Later" plans when making a purchase.
Visas flexible payment option is already available in Asia, and the company will begin rolling it out in the U.S. later this year. (Photo by Jakub Porzycki/NurPhoto via Getty Images)
Visa's flexible payment option is already available in Asia, and the company will begin rolling it out in the U.S. later this year.
The card giant also said it will be expanding the ways consumers can "tap" to pay using mobile devices this year.
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Soon, any device can be used as a point-of-sale (POS) device for payment. Customers will also be able to "tap" to confirm their identities, to add a card to a wallet or app, and to make a person-to-person payment.
Customers will also be able to "tap" to confirm their identities, to add a card to a wallet or app, and to make a person-to-person payment. (Thomas Cooper/Getty Images / Getty Images)
Visa is also introducing a new Payment Passkey Service that will allow customers to make online payments with a scan of their face or a fingerprint, replacing the need to input passwords or one-time codes.
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"The industry is at a pivotal point — new technologies like Gen AI are rapidly shifting how we shop and manage our finances," said Jack Forestell, Visa's chief product and strategy officer.
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"We’re announcing the next generation of truly digital-native payment card experiences," he continued. "Today we unveiled new card features and digital innovations that will bring consumers into a more customized, convenient and secure future."
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