Visa looks to help U.S. small busi­nesses go cash­less

The Guardian (Charlottetown) - - BUSINESS -

NEW YORK — Visa is look­ing to push more small busi­nesses into up­dat­ing their dig­i­tal pay­ment tech­nol­ogy, of­fer­ing up to $10,000 each to 50 U.S.based small busi­ness own­ers that are com­mit­ted to go­ing cash­less.

The pro­gram will fo­cus on restau­rants and food es­tab­lish­ments, Visa said Wed­nes­day, with the ex­pec­ta­tion that Visa will ex­pand the pro­gram in the com­ing months and years to other in­dus­tries and pos­si­bly other coun­tries as well. De­spite the pro­lif­er­a­tion of credit and debt cards, and the ad­vent of tech­nolo­gies like Ap­ple Pay and Sam­sung Pay, cash re­mains a sig­nif­i­cant method of pay­ment in many in­dus­tries across the U.S. and around the world.

Go­ing com­pletely cash­less of­ten re­quires up­grades to cur­rent point-of-sale sys­tems, which re­mains an im­ped­i­ment for many small busi­nesses, which is largely where cash re­mains king.

Visa isn’t do­ing this for char­ity. The world’s largest pro­ces­sor of credit and debit cards takes a small fee from ev­ery pay­ment that runs on its net­work. The more pay­ments done through them, the more rev­enue Visa gets.

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