VISA takes its War on Cash to US Retailers, by Wolf Richter

I have been credit less so long I can’t get credit – banker told me it is worse than bad credit but I love knowing I owe NO ONE! Very liberating.

STRAIGHT LINE LOGIC

Wolf Richter brings it up, but it’s not clear how a merchant could refuse payment in US currency under the legal tender laws. From Richter at wolfstreet.com:

Forget “legal tender.”

“We’re focused on putting cash out of business,” Visa’s new CEO Al Kelly said on June 22 at Visa Investor Day. Pushing consumers into digital and electronic payments is the company’s “number-one growth lever.” Visa has been dogged by the stubborn survival of cash and checks, despite widespread government and corporate efforts to kill them off.

Globally, check and cash transactions totaled $17 trillion in 2016, Visa President Ryan McInerney said. Confusingly, that’s up 2% from a year earlier.

So 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…

View original post 309 more words

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Author: Lisa the Infidel

I am an #Infidel - born and bred North Carolina.

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