Friday, January 15, 2010

Cashless society benefits merchants and consumers, says Visa VP | Pivotal Payments

NEW YORK - MAY 20:  In this photo illustration...Image by Getty Images via Daylife

  • "Cashless society benefits merchants and consumers, says Visa VP By Lauren Lindberg [Merchant and consumer benefits to electronic payment processing may be accelerating the shift to a cashless society] 13/01/2010 - The world is increasingly moving toward a cashless society, driven both by consumer demand and merchant preferences, a Visa official told the UK newspaper The Telegraph. Steve Perry, executive vice president of Visa Europe, told the newspaper that society is becoming increasingly cashless because consumers have found that electronic payment processing is easier than carrying around cash, and are consequently shifting from paper to plastic payment methods. In addition, debit and credit card processing is better for merchants because it costs less than handling cash, he said. "Because cards are less risky (the associated cost is estimated at 0.02 percent to 0.1 percent per transaction on cards compared with 0.1 percent to 0.2 percent with cash) and encourage spending, they are more efficient and better value," Perry told the newspaper. "Furthermore, card transaction fees are expected to fall.""

    tags: cashless, money, cards, RFID, society, News, Government, US, Law, Prophecy


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