daaswampman wrote:Should restaurants stop accepting cash? Efforts underway to make restaurants cashless
Is it time to get rid of cash? Credit card company Visa believes now is the time, and it is spearheading efforts to help 50 restaurants go completely cashless.
Visa will give up to 50 food-service companies $10,000 to make the transition into using digital currency exclusively. These restaurants, cafes and food trucks will accept all sorts of digital currency, but not paper currency.
“At Visa, we believe you can be everywhere you want to be, and that it should be easy to pay and be paid in more ways than ever – whether it’s a phone, card, wearable or other device,” said Jack Forestell, head of global merchant solutions, Visa Inc. “With 70% of the world, or more than 5 billion people, connected via mobile device by 2020, we have an incredible opportunity to educate merchants and consumers alike on the effectiveness of going cashless.”
Visa claims that there is an economic benefit by converting to an all-digital currency. According to a Visa study, if businesses in 100 cities transitioned from cash to digital, their cities stand to experience net benefits of $312 billion per year.
“To Visa, a cashless culture means convenience, security and ease of use. That translates to freedom for consumers and merchants alike,” said Forestell.
So Visa is giving $10,000 away to restaurants to only accept VIsa? If it was so great, then why would they have to PAY them? Also, isn’t it illegal not to accept cash? It makes no (above board) financial sense for any business not to accept cash since there are no fees associated with it and you don’t have to worry about it bouncing……unless the owners are worried about employee theft. If that’s the case, the owners have bigger issues to deal with than credit card fees.
So, 70% of the population will be on a mobile device by 2020…..what about the 30% who are not. Yes, that would be me. I don’t do online banking, nor do I have a smart phone or have any plans to get one. I get by just fine without it, thank you very much Visa. Visa’s “study” says the cities stand to benefit $312 billion per year? just who exactly would see that benefit? Hmmmm – Visa perhaps?? And, how do they come up with that number?
Going cashless translates to freedom? Freedom of VISA to do whatever they want! Freedom is choice…….eliminating choice is NOT freedom! Going thru a 3rd party to purchase anything is NOT freedom! Their thin arguments of going cashless are 100% self serving. NONE of it makes any sense to anyone who is paying attention.
I just don’t see it happening. I hope our society is not that stupid. Judging by the last election, it doesn’t look to me like America is ready to just lay down and take it. I think Trump was elected as a way to send a big middle finger to the elites…..like Visa who think they know how best to run our society. I also think that those who are “in charge” of things don’t want a cashless society. The puppet strings won’t be as easy to pull without cash. Also, the drug trade would be severely impacted and I highly doubt those folks would take this without a fight. Actually that would be the only upside I could see to going cashless. Still, that ONE benefit is not worth the cost of freedom to do away with cash. Folks like me would just move to a barter state again if everything was electronic. Just another reason to stock up on PM’s and other hard assets.
I think the best way to fight this is to pay cash for as much as you possibly can, and use your Visa as little as possible. The only way to take the wind out of Visa’s sails is to snub them. Even if you only use your card so you can get points (and don’t pay interest), the vendor still has to pay on their end so Visa makes money every time you use their card. For me, those small perks are not worth giving these companies more power.
Poke them in the eye! Quit using their card if you can use cash instead.
Statistics: Posted by angie_nrs — Sun Jul 16, 2017 2:40 pm