Visa allocates half a million dollars in incentives to firms shifting to cashless transactions

13 July 2017

visaVisa makes extra efforts to drive digital payments in substitution of cash transactions offering up $500 thousand incentives to 50 restaurants and food suppliers across the United States for keeping from paper money acceptance. Within the framework of its Cashless Challenge, Visa will be providing $10 thousand for each catering services provider if it goes totally cashless. This amount is allocated for upgrading the vendors’ payment processing equipment and technology.

To be eligible for the incentive, a catering firm should file an application with the explanation of how they understand going cashless, and how cashless is understood by their staffers and visitors. According to the statement made by Visa, business owners in New York City alone will be able to reach as much as $6.8 billion in revenues saving over 186 million hours of work due to expanded use of electronic transactions.

Jack Forestell speaking for Visa, notes that taking into account the large share of mobile phone users (70% of the global population, or 5 billion people) to be achieved by 2021, Visa may capitalize on this opportunity training merchants and customers about the effective use of cashless payments.

According to the statistics revealed by the survey held last year among American customers, 62% of the polled believe that the United States will be a cashless nation during their lifetime, while over 50% of the respondents still give their preference to keeping cash in their pockets.

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