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NEW YORK (AP) — Visa is looking to push more small businesses into updating their digital payment technology, offering up to $10,000 each to 50 U.S.-based small business owners that are committed to going cashless.
The program will focus on restaurants and food establishments, Visa said Wednesday, with the expectation that Visa will expand the program in the coming months and years to other industries and possibly other countries as well.
Despite the proliferation of credit and debt cards, and the advent of technologies like Apple Pay and Samsung Pay, cash remains a significant method of payment in many industries across the U.S. and around the world. Going completely cashless often requires upgrades to current point-of-sale systems, which remains an impediment for many small businesses, which is largely where cash remains king.
"We are declaring war on cash," said Andy Gerlt, a spokesman for Visa.
To participate in Visa Inc.'s Cashless Challenge, small business restaurants, cafés or food truck owners will need to describe what cashless means for them, their employees and customers.
'There will be more wealth confiscation, without a doubt'
By Richard Evans
11:35AM BST 30 Apr 2013
European politicians will take the "easy option" of taking money from the rich rather than raising taxes and cutting spending to deal with the continent's debt problem, Lars Christensen, the head of Saxo Bank, said.
Asked if the raid on uninsured savings in Cyprus would be repeated, he told City AM: "There will be future bail-ins [loss of deposits] and other types of confiscation of wealth in the eurozone, without a doubt.
"There's no other realistic way forward if politicians continue to fail to deal with the basic indebtedness problem across Europe. They will either have to raise taxes and cut spending, or politicians will take the easier route and take money from the rich."
originally posted by: ColdWisdom
So there are incentives to adhering legally to the system in place, for the most part.
If all your savings are in a bank, and all your savings are in digital form you have no real control over your savings