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VISA Takes Its War on Cash to US Retailers

http://www.ft.com/intl/cms/s/0/159b17ca-47f3-11e5-b3b2-1672f710807b.html

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  • VISA takes its War on Cash to US Retailers
    by , http://wolfstreet.com/
    Forget “legal tender.”
    “We’re focused on putting cash out of business,” Visa’s new CEO Al Kelly said on June 22 at Visa Investor Day. Pushing consumers into digital and electronic payments is the company’s “number-one growth lever.” Visa has been dogged by the stubborn survival of cash and checks, despite widespread government and corporate efforts to kill them off.


    Globally, check and cash transactions totaled $17 trillion in 2016, Visa President Ryan McInerney said. Confusingly, that’s up 2% from a year earlier.

    So today, Visa rolled out a new initiative on its war on cash. It’s designed “for small business restaurants, cafés, or food truck owners,” and the like. In this trial, it will award up to $10,000 each to 50 eligible businesses (online businesses are excluded) when they commit to refusing cash payments.

    Going “100% cashless,” as Visa calls it, means that consumers can only pay with debit or credit cards or with their smartphones.

    That’ll be the day. You go to your favorite taco truck, and when it comes time to pay, you pull out a wad of legal tender, only to be treated to an embarrassed nod toward a sign that says, “No Cash.”

    I’d walk. But Visa hopes that other folks will pull out their Visa-branded card or a smartphone with a payment app that uses the Visa system. This would help Visa extract its fees from the transaction.

    “We have an incredible opportunity to educate merchants and consumers alike on the effectiveness of going cashless,” Jack Forestell, Visa’s head of global merchant solutions, said in the press release, which touted a “study” that Visa recently “conducted” that “found that if businesses in 100 cities transitioned from cash to digital, their cities stand to experience net benefits of $312 billion per year.”

    read more.
http://english.pravda.ru/news/business/19-05-2015/130638-cash-0/

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http://www.armstrongeconomics.com/archives/30862

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http://www.bloomberg.com/news/articles/2016-05-02/inside-the-secret-meeting-where-wall-street-tested-digital-cash

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July 14, 2017 - Posted by | Economics, EndTimes | , , , ,

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