Visa Will Be Giving up to $500,000 to Restaurants That Go Cashless

The push toward a cashless society is becoming more of a shove. Before today, I had never heard of “The Visa Cashless Challenge,” but after reading about it, I have to say I am quite alarmed. Visa is trying to “encourage” businesses to go cashless, and one of the ways the company plans to do this is by “awarding up to $500,000 to 50 eligible U.S.-based small business food service owners who commit to joining the 100 percent cashless quest.” The food industry is still one of the last bastions where cash is heavily used, and so it makes sense that Visa would want to target that segment. Of course the more people who use cards to pay for meals, the more money Visa will make.

When I go to restaurants, I almost always use cash, and I know a lot of other people who very much prefer to use cash in those situations as well. But if Visa has its way, soon all of us will be forced to use some form of digital payment instead. The following is an excerpt from the press release Visa issued about this new “challenge”…

Today Visa (NYSE:V) announced it is launching a major effort to encourage businesses to go cashless. Aiming to create a culture where cash is no longer king, the program will give merchants increased ability to accept all forms of global digital payments. Visa will be encouraging and helping merchants go cashless by using innovation to their advantage in order to stay competitively connected to their customers.

To encourage businesses to go cashless, Visa is announcing The Visa Cashless Challenge, with a call to action for small business restaurants, cafés or food truck owners to describe what cashless means for them, their employees and customers. Visa will be awarding up to $500,000 to 50 eligible US-based small business food service owners who commit to joining the 100 percent cashless quest.

At Visa, we believe you can be everywhere you want to be, and that it should be easy to pay and be paid in more ways than ever—whether it’s a phone, card, wearable or other device,” said Jack Forestell, head of global merchant solutions, Visa Inc. “With 70 percent of the world, or more than 5 billion people, connected via mobile device by 2020, we have an incredible opportunity to educate merchants and consumers alike on the effectiveness of going cashless.”

Visa would love to eliminate the use of cash entirely because it would mean much bigger profits.

Credit to Charismanews.com