- Visa says stopping customers using cash would make transactions more secure
- A switch away from cash to credit or debit payments would hugely benefit Visa
- Consumer groups warn it would put millions of people at a huge disadvantage
A credit card giant is planning to declare war on cash by offering to pay shops and restaurants in Britain to reject notes and coins.
Visa claims that preventing customers from paying in cash would make transactions more secure.
Any switch from coins and notes to credit and debit card payments or services such as Apple Pay would also be of huge benefit to Visa, which makes money from transaction fees.
But consumer groups warned last night that it would put millions of elderly people and others who rely on cash and cheques at a huge disadvantage.
Yes please: Any switch from coins and notes to credit and debit card payments or services such as Apple Pay (file pic) would benefit Visa, which makes money from transaction fees
Tory MP Jacob Rees-Mogg said the firm should be referred to the competition authorities if it tried the move. ‘It is essentially the behaviour of a monopolist and I do not think it should happen,’ he said.
‘People should be entitled to settle their bills using legal tender. The most deprived in society who do not have bank accounts and the elderly will be most affected by this.’