Visa is stepping up its war on cash, promising up to $500,000 to 50 US restaurants and food vendors that stop accepting paper money altogether.
The Visa Cashless Challenge will see the small business food service owners who commit to going 100% cashless get $10,000 a piece to upgrade their payment technology and market the move. To get a slice, firm will need to apply, explaining what cashless means for them, their employees and customers.
Visa claims that in New York City alone, businesses could generate an additional $6.8 billion in revenue and save more than 186 million hours in labour, by making greater use of digital payments.
Jack Forestell, head, global merchant solutions, Visa, says: "With 70% of the world, or more than 5 billion people, connected via mobile device by 20201, we have an incredible opportunity to educate merchants and consumers alike on the effectiveness of going cashless."
A poll last year found that 62% of Americans expect the US to become a cashless society in their lifetimes, although more than half still like to have cash on them at all times.