Visa looking forward to help Small Businesses go cashless, by adding them to their digital payment technology.Visa is offering up to $10,000 each to 50 U.S.-based small business owners that are committed to going cashless.VISA believes firms could save billions by using only digital payments. The initiative is called the “Visa Cashless Challenge.”
Do You Really Know Visa?
Visa Inc. is an American multinational financial services corporation headquartered in Foster City, California, United States.It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards and debit cards.Visa does not issue cards, extend credit or set rates and fees for consumers.
Rather, Visa provides financial institutions with Visa-branded payment products that they then use to offer credit, debit, prepaid and cash-access programs to their customers. In 2015, the Nilson Report, a publication that tracks the credit card industry, found that Visa’s global network (known as VisaNet) processed 100 billion transactions with a total volume of US$6.8 trillion.
More on the Initiative
According to Visa, The program will focus on restaurants and food establishments, with the expectation that Visa will expand the program in the coming months and years to other industries and possibly other countries as well.“We’re really viewing this as the opening salvo,” said Mr. Forestell, Visa’s global head of merchant solutions, of the potential total $500,000 commitment.
The company is announcing the initiative this week as part of a broader effort to steer Americans away from using old-fashioned paper money. Visa says it is planning to give $10,000 apiece to up to 50 restaurants and food vendors to pay for their technology and marketing costs, as long as the businesses pledge to start what Visa executive Jack Forestell calls a “journey to cashless.”
Visa is going charge some to be hooked on their upcoming platform. This service will really boost productivity of small businesses.For now VISA will be targeting USA but in the long run its going to extend its services to other countries.The future without cash is developing at a very faster rate and this initiative will take it to another level.