A recent innovation launched by Telecom Italia will likely help cut down on the underground cash economy. According to Finextra, Telecom Italia will distribute mPOS chip card readers from payleven to small business customers.
The move also coincides with legislation in Italy that requires firms to accept debit card payments for any transaction over EUR30. Those laws went into effect yesterday, June 30, and are mandatory for all businesses and sole traders with an annual turnover greater than EUR200,000.
Telecom Italia business marketing director Enrico Trovati spoke with the news source on the new card readers.
“We are convinced that our joint solution allows small business owners to comply with the new regulations in a simple and inexpensive way, as well as giving them the opportunity to boost customer satisfaction,” Trovati said.
The push to eliminate cash is a global one. Just last month, research from Javelin Strategy & Research shows that cash will lose nearly $100 billion in point-of-sale volume by 2019. Additionally, cash dropped by 10 percent of volume of transactions, from 2012 to 2013, for a total of $86 billion.
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