Visa is seeking to drive more small ventures into upgrading their digital transactions technology. The company is proposing almost $10,000 for every small venture. It has decided to give it to almost 50 of the US-based small venture owners that are obligated to going cashless. The agenda will aim on food establishments and restaurants, Visa claimed this week. This aim will work out with the anticipation that Visa will grow the program in the future to other markets and perhaps other nations as well.
In spite of the large number of debt and credit cards, and the beginning of technologies such as Samsung Pay and Apple Pay, cash stays an important mean of payment in most of the industries across the world and around the U.S. Going entirely cashless often needs updates to existing point-of-sale systems, which stays an obstruction for most of the small ventures. And this is largely where cash carries on being the king.
“We are announcing combat on cash,” claimed a spokesperson for Visa, Andy Gerlt, to the media in a statement. To take part in Cashless Challenge of Visa Inc., small venture cafes, restaurants, or food truck owners will have to define what cashless signifies for their employees, them, and users. Visa is not doing this for the purpose of charity. The largest processor of debit and credit cards in the world takes a cost from each transaction that operates on its system. The more transactions done via them, the more income Visa receives. Those costs can be into the millions of dollars every year depending on how much the venture trades. And they are the reason why most of the small ventures favor cash.
“At month end, when you gaze at the statement of credit card and see how much you gave, it is a real figure that strikes you right in your face,” claims President of the National Food Truck Association, Matthew Geller. National Food Truck Association is a trade association. Most of the food trucks agree that credit cards are competitive. Visa quarrels that the advantages of being cashless can overshadow the prices for managing cash, which needs more thorough maintenance of records, physical transfer of cash, and various other factors. Visa also disputes that users favor to utilize their cards. Businesses that will get the award can utilize the $10,000 in order to upgrade their point-of-sale networks so they go entirely cashless.