Why? According to restaurant owners interviewed by Visa, the benefits are:
- Many Millennials prefer cashless transactions
- Handling cash takes time and costs the restaurant money
- Transactions are faster, reducing wait times
- No cash means higher security and lower risk
One disadvantage to consider is whether cashless restaurants will be unable to serve the market of people who, by choice or by economic situation, are cardless.
On the other hand, the increased popularity of Starbucks Mobile Pay, Apple Pay, Samsung Pay, and other payment apps indicates that there is a definite market of people who prefer mobile transactions.