On July the 12, Visa (NYSE: V) announced plans to encourage American small businesses to do away with cash. The company dreams of a future when cash is no longer king. The company’s new initiative will provide merchants with increased ability to accept all types of digital payments from around the world. Visa will help merchants transition to cashless operations by relying on innovation. The company has also announced the launch of their new program, The Visa Cashless Challenge.

This is a call to action to small business restaurants, food truck owners and cafes to describe what it means to go cashless and to discuss the benefits provided to employees and customers. Simultaneously, Visa has announced that it will be awarding up to five hundred thousand dollars to fifty eligible small business food service owners in the United States. Only those that have committed to going fully cashless will be eligible for the reward.

Visa believes there are massive benefits of going cashless. Recently, the company conducted a study regarding the benefits of cities transition from conventional cash to digital. The cities that made the switch were able to experience net benefits of more than 300 billion dollars per year. In New York City, businesses were able to make an extra 6.8 billion dollars in revenue and save an extra 186 million hours in labor by relying more heavily on digital payments. To begin showcasing the benefits of cashless operations, Visa plans to work with Formula E to make it possible for attendees to events to pay for admission with digital payments.

This will start at the first-ever Formula E race in Brooklyn. Those interested in learning more can do so by click here.