California-based financial services company Visa is offering 50 restaurants and food businesses a portion of $500,000 to stop accepting cash payments from their customers. The deal also comes with new equipment, meant to make accepting electronic payments easier.
In total, the strategy boils down to making card or mobile-device payments as simple as possible. Jack Forestell, head of the company’s global merchant solutions arm, said in a press release that Visa has its eye set on the projected 5 billion people expected to be mobile-enabled by 2020 — each of them representing another potential Visa customer.
Despite the obvious motive behind Visa’s attempts to drive people away from cash, it still accounted for roughly one-third of financial transactions in 2015, according to Federal Reserve statistics cited by Fortune.