Cashless society by 2012, says Visa chief

http://www.independent.co.uk/news/business/news/cashless-society-by-2012-says-visa-chief-439676.html

By Tim Webb

Sunday, 11 March 2007

Paying for goods with notes and coins could be consigned to history within five years, according to the chief executive of Visa Europe.

Peter Ayliffe said that, by 2012, using credit and debit cards should be cheaper and more convenient than cash.

Some retailers could soon start surcharging customers if they choose to buy products with cash, because of the greater cost of processing these payments, he warned.

Visa Europe briefed the British Retail Consortium last month on new “contactless” cards that can be waved in front of a scanner to make small payments.

However, the consortium dismissed this vision and claimed that card processing fees, which regulators are investigating, are still too high.

One member of the consurtium said that the estimated “interchange” fee charged to retailers amounts to some 4p for each transaction.

Nick Mourant, treasurer at Tesco, said: “There is a duopoly between Mastercard and Visa in the UK. Their setting of fees is anti-competitive.”

I have been a believer since 1981. Everything else before that is relatively meaningless. My heart has, from day 1, always been toward the subject of bible prophecy and I have seen the Lord do amazing things in my life through simply studying the Word and applying it to my life. I am a wife, grandmother and work full time in ministry. Life is full, and full of learning curves and seasons.

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