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PERSPECTIVES ON DIGITAL CURRENCY

Jan 10, 2013

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Will 2013 Be the Year of Cashless Restaurants?

The benefits of switching to a cashless operation have long been touted as an evolutionary asset of the restaurant industry. In such a competitive market, new technology must be researched, developed and introduced on an ongoing basis. This is especially true in New York City – a city known by many as a forefront of innovation and business, cultural, and educational opportunity. But could 2013 be the year that restaurants go cashless? Some trends are pointing to yes.

As the United States Treasury slows its printing presses and plastic becomes the preferred method of payment for consumers and businesses alike, industry experts predict more establishments will say goodbye to dollars and cents. There is simply no ignoring the convenience and security afforded by going cashless. Furthermore, if predictions are correct, 2013 will be a big year for mobile payment solutions among small and medium size businesses.

The popular New York City eatery Commerce is just one restaurant going cashless. In September 2009,  it announced that it would no longer be accepting cash in September 2009—and now the owners are scouting for locations in New York to expand the business to a cashless fast-food restaurant chain. “It’s because so little of our business is done in cash,” explained owner Tony Zazula, restaurant business veteran of over 20 years. “It’s the age of electronic transfers. There’s no reason to have two systems.”

As Zazula and his business partner Harold Moore are planning their new quick-casual eating venture, they remain steadfast in their card-only policy. Zazula explains, “It makes complete sense.”

Visa and Commerce have joined forces to produce the following mini-documentary about the restaurant and the new NYC spot opening soon. Hear directly from Zazula and Moore about why this initiative has been so successful, and how, as Zazula puts it, “going cashless allows [Commerce] to be true to [its] heart.”

Could 2013 be the year of cashless restaurants?

Also, be sure to check out this original video featuring Commerce’s cashless operation: http://currencyofprogress.visa.com/cashless-cuisine-debuts-in-new-yorks-west-village/

Posted by: Lucas Mast, Visa Corporate Relations on January 10, 2013 at 7:05 am