Visa challenges businesses to go cashless - FOX5 Vegas - KVVU

Visa challenges businesses to go cashless

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LAS VEGAS (FOX5) -

Visa is trying to get people to part ways with money. The credit card company is offering restaurants, cafes and food truck operators $10,000 to go completely cashless. 

The money from Visa will help businesses pay for the technology to make credit card, digital and phone payments at the register.   

Visa will spend $500,000 on this challenge which means only 50 businesses in the U.S. will be awarded money. 

To enter the challenge, businesses can log on here, and answer what it would mean for the business and the customers to be completely cashless.   

Visa is working toward a greater goal of creating a completely cashless society claiming it's safer, cheaper and easier. 

Businesses typically incur fees to run the payment technology and card readers, but Visa said it conducted a study recently 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. According to the study, 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. This amounts to more than $5 billion annual costs savings for businesses in New York.

The complete results with the benefits of going cashless for businesses will be included in the “Cashless Cities: Realizing the Benefits of Digital Payments” report that will be released by Visa later this year.  

This report was written by Mike Doria

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