25 July 2017
visit www.finastra.com

Visa offers small firms free $10k upgrade...with a cashless catch

13 July 2017  |  11435 views  |  2 Visa contactless payment 1

Visa is stepping up its war on cash, promising up to $500,000 to 50 US restaurants and food vendors that stop accepting paper money altogether.

The Visa Cashless Challenge will see the small business food service owners who commit to going 100% cashless get $10,000 a piece to upgrade their payment technology and market the move. To get a slice, firm will need to apply, explaining what cashless means for them, their employees and customers.

Visa claims that in New York City alone, businesses could generate an additional $6.8 billion in revenue and save more than 186 million hours in labour, by making greater use of digital payments.

Jack Forestell, head, global merchant solutions, Visa, says: "With 70% of the world, or more than 5 billion people, connected via mobile device by 20201, we have an incredible opportunity to educate merchants and consumers alike on the effectiveness of going cashless."

A poll last year found that 62% of Americans expect the US to become a cashless society in their lifetimes, although more than half still like to have cash on them at all times.

Comments: (2)

A Finextra member
A Finextra member | 13 July, 2017, 09:02

What a great idea and way to use merchant interchange fee income to entice merchants to drop one of the few methods of payment that offer an alternative to the duopoly in payments that currently exists and therefore increase their income even more! 

Unlike Europe where interchange fees are now regulated, merchants in the US continue to be exploited with high fees. Merchants beware.... 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Mark Anderson
Mark Anderson - BioTechnologies - Sydney | 13 July, 2017, 12:49

You must be kidding - or Visa must be kidding - Cash is the cherry on the top, the icing on the cake. It is what small business owners get into small cash opportunity business for. Newsagents, Pastry shops, Restaurants, and so on. 

So Visa is expecting a small business to roll over for a one time payment of $10K so they can lose Cash payments, pay more Taxes, pay excessive Card/Interchange fees  ...

Not going to happen Visa.



2 thumb ups! 2 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Debit cards overtake cash to become UK's top payment method

Debit cards overtake cash to become UK's top payment method

12 July 2017  |  12554 views  |  3 comments | 36 tweets | 60 linkedin
Cash in retreat, but not dead yet - ING

Cash in retreat, but not dead yet - ING

26 April 2017  |  6773 views  |  4 comments | 13 tweets | 18 linkedin
Britain to go cashless in 2043?

Britain to go cashless in 2043?

14 March 2017  |  12580 views  |  4 comments | 21 tweets | 27 linkedin
Singapore makes cashless payments push

Singapore makes cashless payments push

19 August 2016  |  11026 views  |  0 comments | 18 tweets | 20 linkedin
Most Americans foresee death of cash in their lifetimes

Most Americans foresee death of cash in their lifetimes

25 July 2016  |  10743 views  |  5 comments | 23 tweets | 16 linkedin

Related company news


Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.finastra.comvisit www.ncr.com

Top topics

Most viewed Most shared
Barclays rides payments-as-a-service wave with investment in Form3Barclays rides payments-as-a-service wave...
9951 views comments | 16 tweets | 12 linkedin
UK judge blocks £14bn class action suit against MastercardUK judge blocks £14bn class action su...
9087 views comments | 7 tweets | 6 linkedin
PayPal strikes deals with Chase and CitiPayPal strikes deals with Chase and Citi
8946 views comments | 10 tweets | 5 linkedin
Mastercard and Scotiabank join Enterprise Ethereum AllianceMastercard and Scotiabank join Enterprise...
8789 views comments | 25 tweets | 16 linkedin
Machines could take over 30% of bank jobs: McKinseyMachines could take over 30% of bank jobs:...
8067 views comments | 25 tweets | 24 linkedin

Featured job

£100-120K Basic dependent on experience plus subst...

Find your next job