Visa (NYSE:V) is out with some news that it is encouraging small businesses to go cashless. While this may not seem like much, you have to remember that this company makes money by having people swipe. This move is aimed to increase substantially the amount of people using cards. I see it as a game changer because it is a win for communities, a win for small businesses and a massive win for Visa.
Why does everyone stand to gain? Well the advantages to Visa are pretty obvious. More digital sales means more revenues for Visa longer-term. Winning. As for the community, in a report coming out later this year called “Cashless Cities: Realizing the Benefits of Digital Payments,” a full analysis will document a study that found that if all local businesses in 100 major metropolitan cities transitioned from using paper cash to digital means only, their cities stand to experience net benefits of $312 billion per year. Visa highlights that 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. These benefits come from faster customer processing and less time spent counting actual paper money. In turn the study finds that this amounts to more than $5 billion annual costs savings for businesses in New York.
Obviously, this is not going to happen overnight. To accelerate the process Visa is out with..…………READ MORE