Visa plans to transform credit and debit card usage with new features aimed at simplifying payments and enhancing security. The company introduced a "flexible credential" allowing a single card to access multiple payment methods—credit, debit, BNPL and rewards points.
This feature is operational in Asia and set to launch in the United States with Affirm this summer. Visa's innovations also include biometric authentication, tokenization and pay by bank options, designed to address increased online fraud and shift consumer preferences toward digital and secure transaction methods.
The Federal Reserve is facing opposition regarding its plan to reduce the cap on debit card interchange fees. Over 2,500 comment letters have been submitted, with banks arguing that the proposed cap is too low and merchants advocating for either maintaining or further lowering it.
Initially set in 2011, the cap is planned to decrease from 21 cents to 14.4 cents plus additional fees for fraud prevention. Merchants argue for even lower fees, citing shifts in fraud liability, while banks emphasize rising fraud and operational costs. The Federal Reserve's review of these comments may delay the implementation of the new cap.
The U.S. District Court, Eastern District of New York, extended to Aug. 30, 2024, the deadline for claims in the $5.5 billion antitrust class-action settlement involving Visa and Mastercard's interchange fees. This gives businesses an extra 90 days to claim their part of the nation’s largest antitrust settlement, covering transactions from Jan. 1, 2004, to Jan. 25, 2019.
The extension aims to ensure broader participation, although dissatisfaction remains among some merchants regarding the settlement's adequacy in addressing long-term competitive issues in the payment processing industry. 
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