The armies of the cashless society have trapped the heroic but overmatched cash note in a classic pincer movement…
Governments advance against the entrenched center…
The banks move against one vulnerable flank…Now the credit card companies have sprung against the other.
Visa is now offering small merchants using its payment systems $10,000 each to help them upgrade those systems.
In exchange for this “gift”… they can no longer accept cash payments.
Visa Inc. has a new offer for small merchants: take thousands of dollars from the card giant to upgrade their payment technology. In return, the businesses must stop accepting cash.
The company unveiled the initiative as part of a broader effort to steer Americans away from using old-fashioned paper money. Visa says it is planning to give $10,000 apiece to up to 50 restaurants and food vendors to pay for their technology and marketing costs, on the condition the businesses pledge to start a journey to cashless-ness.
But what motivation lies back of it?
As is so often the case in this fallen and human vale of sin… manna.
The payment networks wanting to kill cash (and checks!) as competitors to their oh so terrific (and fee-gouging) credit and debit cards.
Those oh so terrific and gouging credit and debit card fees run to about 2% of total transaction costs.
Multiplied millions of times a day, that 2% accumulates… rapidly… and in Visa’s favor.
Visa is trying to cony in on economic sectors running heretofore on cash… like food vending and parking services.
But also on sectors traditionally run by check… like rent payments. About 35% of all U.S. households are renter-occupied. We don’t know what percentage of their occupants sign a monthly rent check. But we hazard it’s handsome.
In Visa’s vision, the venerable old rent check would fall like the dodo. And a digital phoenix would rise in its place.
From Visa’s self-interested perspective, here is a vast field of untapped profit — for now.
Cash will vanish not so much because it’s illegal… but because elites convince us of its inconvenience.
Going digital… could practically eliminate petty crime, free up resources and save forests of trees into the bargain.
And that’s how elites will peddle it…
The surest way to lull someone into complacency is to offer a “convenience” which quickly becomes habit and impossible to do without.
The convenience factor is becoming more prevalent, and consumers are moving from cash to digital payments just as they moved from gold and silver coins to paper money a hundred years ago.
Governments and banks assault cash by day and by night.
Now with the credit card companies escalating their own offensive, valiant cash could soon enough be surrounded… all escape routes closed… forced to accept terms…
And the white flag that ultimately goes up will also be the flag of your personal financial privacy…
The Whole Truth And Nothing But The Truth,