Visa is betting that the world needs a single card that covers debit, credit, buy now, pay later services, and potentially cross-border payments, and it’s bringing this concept—already thriving in Asia—to the U.S.
The new Flexible Credential card isn’t issued by a bank but through a partnership with BNPL giant Affirm. Cardholders have the flexibility to pay immediately or use the Affirm app to pay over time. By customizing their preferences, users can set specific rules—for example, using a debit card for purchases below a certain amount, or using credit for purchases at certain stores. They can also toggle between payment methods, choosing from debit, credit, BNPL, or redeeming rewards.
Launched in Asia earlier this year, the card is gaining traction. According to Visa, cardholders tend to use debit for everyday items, with about 70% switching to credit for big-ticket purchases. Visa plans to expand to Europe in the coming months.
“The card is reminiscent of the cartão múltiplo [multi card] in Brazil, which allows customers to choose between a debit or a credit transaction at the point of sale,” said Ben Danner, Senior Analyst of Credit and Commercial at Javelin Strategy & Research. “Further enabling consumers with a choice to pay immediately or pay using a pay-over-time function gives consumers more flexibility at the point of sale, a strong value proposition for Affirm.”
Cross-Border Options
Visa also rolled out a version in the United Arab Emirateswith digital bank Liv, enabling cross-border payments. The process works by automatically routing transactions in the appropriate transaction currency, whether the purchase is made online or in-store.
Through the mobile app, cardholders can transfer funds between local and foreign currency accounts, ensuring they have the funds to make a purchase. Liv cards support five major currencies, including the U.S. dollar, euro, British pound, Canadian dollar, and Australian dollar.
Visa says that UAE’s cross-border outbound volumes are among the fastest-growing categories in its major cross-border markets. At this time, there are no plans to introduce these capabilities for U.S. users, a Visa spokesperson told PaymentsJournal.
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