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The most deprived in society who do not have bank accounts and the elderly will be most affected by this.'Visa has already begun a trial in the US which offers ,000 (£8,800) to retailers who are prepared to update their payment terminals.
However, they can only get the deal if they agree to stop accepting cash transactions.
A similar trial is expected to be launched in the UK.
Jack Forestell, Visa's head of global merchant solutions, told The Daily Telegraph the company had its sights on Britain. It added: 'Businesses should be led by how their customers want to pay, and not by the incentives offered by card firms.'And the Federation for Small Businesses said the proposal could make businesses unattractive to tourists who wanted to use cash and was 'impractical' for rural areas with slow broadband speeds.
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.
That debt is growing at a rate of 55.19 per second. We are putting off owning homes, buying cars, and making babies in record numbers, and queer and trans folks are dealing with this in addition to issues like workplace discrimination, barriers to creating and being respected as families and parents, and overall higher rates of economic insecurity. Additionally, very few of us these days have an actual emergency fund.If you have experience with credit cards or other tips you want to share, post them in the comments! Kae Lyn is a 34-year-old (femme)nist activist and the reigning Queer Fat Korean Immigrant Ms. You can typically find her binge-watching TV, over-caffeinating herself, standing somewhere with a mic or a sign in her hand, eating tofu, or just generally doing too many things at once.She lives in Rochester, NY with her spouse, a baby T. Talk sexy about intersectionality, cult movies, or theatre nerdiness to her at @kaelynrich. Perhaps paying off existing cards and fixing debt is another article for another time, but I just want you all to know that, despite having all this knowledge about credit cards, I did not follow my own advice. We don’t talk about money enough because it’s uncomfortable and social norms say it’s rude.But damn, our generations have really been hit hard by the economy. We have to talk about it to help each other survive it!
Plus, I was underemployed for a period of time after college and made the poor choice of relying a little too much on my credit cards.