Aiming to create a culture where cash is no longer king, the program will give merchants increased ability to accept all forms of global digital payments.
Visa is announcing The Visa Cashless Challenge, with a call to action for small business restaurants, cafés or food truck owners to describe what cashless means for them, their employees and customers.
Visa has recognized the net benefits for merchants when they reduce dependency on cash transaction. Visa recently conducted a study that found that if businesses in 100 cities transitioned from cash to digital, their cities stand to experience net benefits of $312 billion per year.
According to this study, in New York City alone, businesses could generate an additional $6.8 billion in revenue and save more than 186 million hours in labor, by making greater use of digital payments. This amounts to more than $5 billion annual costs savings for businesses in New York. The complete results with the benefits of going cashless for businesses will be included in the “Cashless Cities: Realizing the Benefits of Digital Payments” report that will be released by Visa later this year.
To showcase the benefits of going cashless, Visa will tap into its sponsorship as the official payment partner of Formula E to offer cashless, digital payment acceptance at the first-ever Formula E race in Brooklyn, the New York City ePrix.
In addition, local New York City restaurants, including 2nd City, Fish Cheeks, and Mulberry and Vine are offering their customers cashless experiences during the race weekend. These participating venues are bringing to life paperless, seamless and enhanced payment experiences for their customers over the weekend.