‘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, cafs, 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.
This post was published at Wolf Street by Wolf Richter ‘ Jul 12, 2017.