From ISO&Agent Weekly:
The payment card industry’s campaign to displace cash and checks appears to have struck a nerve.
Reacting to what it calls a “war on cash” by the card industry, the ATM Industry Association recently launched a social-media offensive to remind the public of the importance and ease of using cash. The public-awareness drive came in response to Visa’s promotion of a “cashless” 2012 London Olympics later this summer, association CEO Mike Lee tells ISO&Agent Weekly.
Ron Delnevo, director of the United Kingdom Payments Council, earlier this month fired a similar salvo against Visa Inc. His views on the use of cash and Visa’s exclusive ATM setup at the Olympics stem from his role as managing director of Bank Machine, a founder of the ATM network servicing the UK, and his roles with ATM associations and committees of the UK’s Link ATM network.
The irony is that consumers use debit cards for the vast majority of their ATM transactions, Lee admits.
The discussion on payment types shouldn’t focus on mutually exclusive discussions of cash versus electronic payments. Rather, it should include both options.
Similar to customers’ desire to use multiple banking channels depending on the situation, having payments options gives customers the flexibility and convenience desired. Also, some customers have yet to warm up to electronics payments for various reasons, so having a cash option is a wise choice for retailers who don’t want to alienate potential customers.
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