A Visa card that accesses your bank account over the Visa network, at a merchant, or an ATM. (courtesy of Payment news). In Australia, apparently this is the first offer of debit cards, and they are implementing it with Visa.
ANZ Everyday Visa Debit

• Worldwide acceptance of Visa while accessing your own savings. You can make purchases online, over the phone and at more than 24 million outlets around the world.
• No credit application necessary.
• Your choice of card design. Your ANZ Everyday Visa Debit comes in three unique designs you can choose from. Unlimited ANZ transactions for $6 a month.
• This includes ANZ ATMs, EFTPOS, ANZ Phone and Internet Banking and ANZ branches.
• ANZ's Online Guarantee for greater protection on Internet purchases plus ANZ Falcon™ monitoring for suspicious transactions.

However, generally, this is one of the next payment frontiers, and it has banks confused. Visa debit. Its expected that Visa will offer this in North America shortly, and that will be in competition with Bank's own debit offer, unlike the Australian situation above.

Expect to see some Banks offer Visa/ Credit/ debit all on one card, specifically on a chip carrd. Now that really is an interesting offer, and although it might be confusing for customers, some will appreciate the convenience of one card for all. Its also confusing for banks, because the marketing of credit is traditionally separate from banking, and thats a distinction that needs to be blurred.
Relevance to Bankwatch:

Banks have to figure out the value of the customer offer with Visa debit, how they manage that offer alongside credit card offerings, and in conjunction with chip.