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Visa Considers Extending 'War on Cash' Business Incentives Outside US (cnbc.com)

Posted by msmash on from the cashless-future dept.

Visa is hoping to extend its "war on cash" agenda to businesses in the U.K. after announcing new incentives for U.S. businesses to go cashless. From a report: The payment technology company revealed on Wednesday that it was launching a "cashless challenge" which would see 50 U.S. businesses receive $10,000 each to help them convert to a cashless payment model. It is now aiming to roll the model out to the U.K., though is yet to set a timeframe for the launch, a Visa spokesperson confirmed to CNBC Friday. Under the scheme, businesses in the U.S. are invited to submit plans outlining what going cashless might mean for them, their employees and their customers. Recipients of the award will then be required to use the lump sum to upgrade their point-of-sale systems so they are completely cashless. Any remaining money can be put towards marketing, the company said. "We're declaring a war on cash," Andy Gerlt, a spokesman for Visa, said in the announcement Wednesday.

14 of 303 comments (clear)

  1. or by Anonymous Coward · · Score: 5, Insightful

    Making sure we get a cut of everything you spend, and know what you spent it on.

    Lovely

    1. Re:or by Penguinisto · · Score: 4, Insightful

      Even better - holding businesses captive to it, so that the big boys in this realm can slowly raise the transaction fees (not too quickly, lest their business customers not renew contracts, etc.)

      --
      Quo usque tandem abutere, Nimbus, patientia nostra?
    2. Re:or by rogoshen1 · · Score: 5, Insightful

      Drug dealers and terrorists use cash, surely you're not one of them, right? Says the friendly Visa man.

    3. Re: or by Darinbob · · Score: 4, Insightful

      And who the hell uses those other than hipsters? if they're not getting a cut of fees then they're selling your purchasing data. NO ONE does this as a charity!

    4. Re:or by reboot246 · · Score: 4, Insightful

      Local stores would be crazy to go the cashless route. If I'm going to have to use plastic and if I don't need the item right this minute, I may as well buy it online.

      Right now Amazon collects 8% sales tax on all purchases from my home state. If I buy locally the rate is 10%, so I'm saving a little bit just by buying from Amazon anyway. And there are many places I buy from online that don't charge sales tax at all - some even offer free shipping over a certain amount.

      What about those stores that have a minimum purchase to use plastic? Then you'd have to buy something you don't want just to be able to buy something you do want.

      My cash says it is legal tender. Don't want to sell me something in exchange for it? Bye, bye, Mr. Retailer!

  2. The war on freedom and privacy. by Anonymous Coward · · Score: 2, Insightful

    Seriously... I don't even try to fight it anymore. The enemy is infinitely more powerful and the so-called "resistance" pathetic, weak and disorganized. I haven't changed my mind or philosophy one bit, but I realize that nobody will ever listen to my "words of wisdom" and thus, it's no longer meaningful to try to win people over.

    1. Re:The war on freedom and privacy. by Anonymous Coward · · Score: 5, Insightful

      No, YOU are a weak piece of shit, giving in to cowardice and giving up, accepting credit card company dick up your ass. PAY WITH CASH EVERYWHERE. Fuck the police, fuck the credit card companies sideways with a rusty chainsaw. Your privacy and freedom are worth fighting for!

  3. war on cash by xxxJonBoyxxx · · Score: 5, Insightful

    Wish I could skim a couple percent off every transaction too.

    I'd be all for an alternative to cash as long as it was managed without transaction fees by the local government backed issuer of the currency. Time to nationalize Visa/Mastercard?

    1. Re:war on cash by Highdude702 · · Score: 4, Insightful

      Interestingly enough, nobody except banks have ever defrauded me out of money. I feel they are the wrong people to trust with all the monies...

    2. Re:war on cash by Penguinisto · · Score: 5, Insightful

      Same here, which is why I stick to Credit Unions exclusively nowadays. The chances for error still exist (which can be corrected easily), but at least I don't get raped with a monthly fee, a convenience fee, a 'your balance went too low' fee, a 'you spent too much money in one go' fee, a 'you withdrew too much in spite of having more than enough money in the account' fee, or whatever the hell else they use to screw you over these days.

      As a bonus, my CU actually reimburses me for any ATM fees that I get charged (I'm required to have Direct Deposit and use my card x times per month, but that's a given anyway.)

      --
      Quo usque tandem abutere, Nimbus, patientia nostra?
    3. Re:war on cash by Anonymous+Brave+Guy · · Score: 4, Insightful

      I suggest business implement a 2% cash discount (after raising prices 2%).

      And the problem that would cause for the payment services is exactly why these days they often prohibit discriminatory pricing in their agreements with merchants.

      In fact, you will rarely find a more one-sided set of legal agreements than those between the big financial services and the merchants. They get away with just about anything they want, because their customers are businesses so typically none of the normal consumer protection laws about contracts being fair and reasonable apply, and what are you going to do, not take the payment method all your customers expect you to accept?

      Ultimately, you need them a lot more than they need you, unless you are literally operating on the scale of Amazon, Walmart, Tesco and the like. Your only viable "choice" is to play along and hope not to get accidentally squashed by the big players without them even noticing. Enjoy your no guarantee at all that the money you think you have won't be clawed back months later in response to an entirely false claim by a customer who forgot they paid you, and enjoy the fees the financial services will charge you for the privilege!

      --
      If you disagree, post your argument. (-1, Overrated) isn't your personal censorship tool for views you don't like.
  4. cashless is a bad deal for small business by OrangeTide · · Score: 3, Insightful

    Unless you like sending a cut of every sale to credit card processing firms.

    --
    “Common sense is not so common.” — Voltaire
    1. Re:cashless is a bad deal for small business by b0bby · · Score: 4, Insightful

      There are real costs to cash too, though. Just off the top of my head:
      - Having to physically gather it up and take it to the bank
      - Potential for theft, either during the transfer or just in the shop
      - Higher insurance premiums to cover the potential cost of robberies
      Really, for a small business, it probably comes down to who your customers are. If they are younger and/or more affluent, getting rid of cash may make sense.

  5. In other words... by unixcorn · · Score: 5, Insightful

    ...Visa extends war on the poor.
    In my opinion, not accepting legal tender in favor of utilizing non-government tender, in this case a Visa card, should be illegal. I have relatives who don't have a credit card or even a checking account because their credit is crap. It's their fault but shutting them out by not accepting cash is ridiculous.