Remember when we talked about Sweden’s cashless experiment? Well, some U.S. cities don’t agree and are looking to ban cashless stores.
- New York City. Councilman Ritchie Torres proposed a bill last year to protect those who don’t use bank accounts, who prefer cash, or who want to protect their privacy. The bill was revisited last Thursday and won support from legislators, unions, and the city’s Department of Consumer Affairs.
- Philadelphia. A new measure was approved this week requiring businesses to accept cash. Those who fail to comply can expect fines up to $2,000.
- New Jersey. A bill was passed by state legislature requiring stores to take cash.
- Massachusetts. A law was passed in 1978 requiring retail outlets to accept cash…this may expand to restaurants.
- Washington, D.C. A proposed measure prevents cashless stores.
Rebuttal? Cashless stores provide safety to employees, digital tracking records, and help lines move faster.
Flip side: Despite efficiency and transitions to an electronic economy, cash discrimination is real. Is it fair to turn someone away even though they have money?
Image Source: Marketing Week