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A Cashless Future: How Visa Is Enticing Small Businesses to Ditch Cash All Together

The future of consumer spending? Visa Inc. (V) is betting on cashless.

And to further its vision and aid in the transition to a system that it thinks can generate almost $7 billion in New York City alone and save more than almost 200 million hours in labor, the company is giving incentives to businesses that are willing to ditch the greenback altogether.

The credit card company announced on Wednesday the Visa Cashless Challenge, a program in which the company will give $10,000 to each of 50 small U.S. food...