25 July 2017
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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.... 

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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.

 

 

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