The Daily Telegraph

Visa ‘bribing’ shops to stop them taking cash

- By Katie Morley consumer affairs editor

VISA will pay businesses not to accept coins and notes after its chief executive pledged to “put cash out of business”.

The payments company will try to strike agreements with shops and restaurant­s, offering thousands of pounds and free contactles­s technology upgrades, The Daily Telegraph can report.

In return the businesses must ensure that every item is bought using a card or digital payment method, such as Apple Pay.

At present many smaller retailers discourage consumers from making card payments and prefer cash for small purchases, because of the fees charged by card companies.

James Daley, director at the consumer group Fairer Finance, said: “Visa appears to be bribing companies to stop using cash. It should remember that many of the people who rely on cash are the most vulnerable in society.”

Caroline Abrahams, director at Age UK, the charity, added: “Cash is still very important to many older people, particular­ly for smaller transactio­ns.”

Visa’s scheme begins this week in the US with plans to hand $10,000 each to 50 small businesses.

Jack Forestell, the company’s global head of merchant solutions, said: “We very much hope to bring a similar initiative to the UK.”

Visa’s chief executive, Al Kelly, told investors last month: “We are focused on putting cash out of business. The number one growth lever is the conversion of cheque and cash to digital and electronic payments.”

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