Visa Inc. is doing its best to usher in the cashless future.
The credit card giant has announced a new initiative, called the Visa Cashless Challenge, which will incentivize small merchants to move away from cash payments. Using an application-based format, Visa will award approximately $10,000 each to 50 eligible U.S.-based small business food service owners, including food truck owners.
"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 will incentivize small merchants to move away from cash and toward card- and mobile-based payments,” said Jack Forestell, head of global merchant solutions, Visa Inc. “
According to a report by Business Insider, Visa will give the merchants the money to upgrade their payment technology. In turn, the winning merchants must pledge to limit or remove cash payments.
According to a study by Visa, in New York City alone, businesses could generate an additional $6.8 billion in revenue and save more than 186 million hours in labor, by making greater use of digital payments.