Visa announced a new initiative called the Cashless Challenge, which, beginning in August, will incentivize small merchants to move away from cash and toward card- and mobile-based payments, according to the Wall Street Journal.
Visa will use an application-based process to select 50 small merchants in food services that will receive roughly $10,000 to upgrade their payment infrastructure to accept card- and mobile-based payments. In exchange, these merchants must pledge to limit or remove cash payments.
Such a move doubles down on the idea that Visa sees cash as its biggest competitor. Visa is securely the leader of the US card payments market — the firm processed 59% of transaction volume last year, more than double that of MasterCard.