2017-07-13 — wolfstreet.com
... today, Visa rolled out a new initiative on its war on cash. It's designed "for small business restaurants, cafés, or food truck owners," and the like. In this trial, it will award up to $10,000 each to 50 eligible businesses (online businesses are excluded) when they commit to refusing cash payments.
In 2016, Visa extracted $15 billion from processing transactions globally without even carrying any credit risk (the banks have to deal with that).
Visa has been desperately trying to get its tentacles into payments that consumers typically make via cash, such as parking. Hence the "smart meter" with a card reader.... As aggravatingly expensive as parking is, it's just peanuts. So Visa is trying to go where the big bucks are, such as rent payments. But it's an uphill battle. Landlords would be nuts to accept to pay a fee on such large amounts when there are free forms of payment available, such as checks and now-a-days automatic payment by the tenant's bank.
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