Visa Launches Cashless Challenge to Businesses
Visa is pushing for businesses to go completely cashless, and they’re prepared to pay for that push. Yesterday, the company announced The Visa Cashless Challenge, which will award 50 eligible businesses up to $10,000 each for going 100% cash free.
The challenge is targeted to small food-based businesses, such as cafes and food trucks. They can accept cards and digital payments (Apple Pay, Samsung Pay, etc.), but cannot accept any form of cash for the challenge.
What are the benefits of going cashless? First, it increases business safety. There is no cash for someone to steal from the register and, thus, no benefit in an attempted theft. In addition, cashless transactions are usually faster than paper money transactions because register operators do not need to count change or sort money. For a fast-paced food truck, every second makes quite a difference.
Jack Forestell, Visa’s head of global merchant solutions, said, “With 70% of the world, or more than 5 billion people, connected via mobile device by 2020, we have an incredible opportunity to educate merchants and consumers alike on the effectiveness of going cashless.”
Visa has not yet announced the official start date for the challenge, but business owners can sign up for updates on Visa’s website.