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Visa offers 10.000$ to restaurants that do not accept cash


I remember on my last trip to New York I decided to do what I baptized with the name of “a day without cash”, it was simply about paying all my expenses during a day with a credit card or through apps, regardless of the amount that supposed. I have to confess that I had no difficulty in paying the various transport services, restaurants, cafes and some other out of cash.

But it seems that the war against coins and banknotes in the restaurant industry has started a more organized way and a few weeks ago Visa, one of the major credit cards operating worldwide, It published a press release which announced the launch of a major financial assistance to encourage restaurants to work without cash.

The particular program is called “The Visa Cashless Challenge” and it is aimed primarily at restaurants, foodtracks cafes and owners who want to commit to withdraw cash, both transactions with its customers and its employees, for pay only by credit card or digital payments.

A plan to promote digital payments and end the cash

Visa has created a fund 500.000$ to choose 50 hospitality business owners who want to join this challenge and help with 10.000$ each so that they can invest in technological improvements that allow accept digital payments, implement smart watches or those technological devices considered the restaurant to get it competitive in this process digital transformation and business.

According to statements by Jack Forestell, responsible for global business solutions Visa, “there is a huge opportunity to educate the industry on efficiency work without cash in 2020 more than 5.000 million people connected via mobile devices”

Visa has recently conducted a study, which you have not yet seen the light, in which it appears that shows that if companies in 100 cities happen to work with cash money digital, these would increase their benefits net in 312 trillion dollars per year. According to this study, Only in New York companies could generate more than 6,8 trillion revenue and save more 186 million working hours making greater use of digital payments.

Some restaurants in this city are already including these experiences to their customers allowing them to pay only digital money during weekends.

It seems unstoppable trend to move towards a cashless society, where countries such as Sweden are taking important initiatives in this respect and many shops, restaurants and banks no longer work with cash benefit payments with credit cards or through different apps.

At the gates of the disappearance of physical money at restaurants in West

There is no doubt that the rise of e-commerce You are creating a culture of digital payment, in countries like Spain where it is increasingly common to pay in this way on platforms like Amazon, Zalando, El Corte Ingles or electronic stores of the Inditex Group and food delivery.

For financial companies is a huge opportunity to multiply their transactions if they can eat ground to cash in traditional businesses.

For consumers and restaurants means a payment more comfortable, saving time and administrative costs, and that certainly seems safer.

Definitely, the myriad benefits they pose to large financial, the possibilities for the development of e-commerce, traceability monetary control which allows for tax matters and comfort and ease of use for users seem more than enough arguments for a short period of time we attend almost disappearance of physical money in most restaurants in Western countries.

About the Author

CEO of DiegoCoquillat.com and director of the EscuelaDiegoCoquillat.com, teacher, consultant, lecturer and entrepreneur incorrigible. If you can not find it here, search near the sea. Passion for new technologies and restaurants ... passion for life.


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