Visa plans to incent small businesses to dump cash: WSJ
Visa has taken several recent steps to expand its digital payment capabilities, adding Walmart and other merchants to its Visa Checkout network and upgrading its technology to support payments via connected devices.
It's now reportedly taking a much more direct route by incenting restaurants to use digital payments exclusively. The Wall Street Journal reports Visa will shortly announce a plan to pay small merchants to upgrade their payment technology to support digital payments.
But in return, the businesses, which the newspaper reports will be smaller merchants, must stop taking cash.
It's a dramatic step, but a carrot and stick approach to ditching paper money is gaining steam.
Several cities in China have gone cashless, or at least have issued strong incentives to use digital payments over paper money. And most famously, the Indian government last year pulled about 85% of the country's paper money out of circulation to push the country into digital payments, citing security.