Cashless society by 2012, says Visa chiefBy Tim Webb
Jun. 24, 2009
1."That's Not True" BBC Host Hangs Up On Guest for Citing Rotherham Muslim Rape Scandal
2.The Huffington Post Is What Happens When There's No Men In The Room
3.Trump Rips Bill Kristol: "All The Guy Wants to do is Kill People and Go to War"
4.Gary Johnson's Plan to Beat Trump: 'Call Him Racist'
5.Desperation: Brexit Ballot "How to Vote" Guide Instructs Brits to Vote to Stay in EU
6.SHOCK POLL: Trump Leads Hillary in Oregon 53% to 26% Among Independents
7.Crazed Liberal Shows How Tolerant She Is By Hitting Preacher In Head With Baseball Bat
8.VIDEO: Telemundo Busted Staging Shot at Anti-Trump Protest
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."