If businesses in 100 cities transitioned from cash to digital, their cities stand to experience net benefits of $312 billion per year.
It is clear that Visa views cash as their biggest competition. They are already the leader of the U.S. card payments market, processing 59 percent of transaction volume, which is more than double that of MasterCard. Regardless of being ahead, cash usage accounted for 32 percent of transactions and grew even larger worldwide in 2016. Though cash payments are not larger than card usage, 32 percent is still a considerable amount of volume that Visa could tap into. Visa is now targeting those cash-heavy sectors, hence the focus on small food establishments.