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Friday, July 21, 2017

Visa's war on cash encounters backlash

Visa Inc. launched a new initiative to unseat cash from its perch atop the payments apparatus. And that has some folks crying foul. Despite the proliferation of card-based electronic alternatives, cash remains the number one choice for consumer payments in the United States, particularly for items priced at $50 or less.

Data published by the Federal Reserve Bank of San Francisco revealed cash was used for nearly one-third (32 percent) of retail transactions in 2015; credit cards represented 21 percent and debit card transactions were 27 percent of the total. Cards fared better in terms of total value of retail payments: 16 percent of dollars spent were transacted with credit cards and 18 percent with debit cards. Cash accounted for 9 percent of the total value of retail payments in 2015, according to the The State of Cash: Preliminary Findings from the 2015 Diary of Consumer Payment Choice.

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