Is it time to get rid of cash? Credit card company Visa believes now is the time, and it is spearheading efforts to help 50 restaurants go completely cashless.
Visa will give up to 50 food-service companies $10,000 to make the transition into using digital currency exclusively. These restaurants, cafes and food trucks will accept all sorts of digital currency, but not paper currency.
“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% 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 claims that there is an economic benefit by converting to an all-digital currency. According to a Visa study, if businesses in 100 cities transitioned from cash to digital, their cities stand to experience net benefits of $312 billion per year.
“To Visa, a cashless culture means convenience, security and ease of use. That translates to freedom for consumers and merchants alike,” said Forestell. “The Formula E race is the ideal backdrop because just as Formula E is bringing the future to racing, Visa is bringing the future to payments.”
