PHILADELPHIA—The cashless society is just about here, right? Not if certain states have their way, which are passing laws to keep cash in play for those who need it.
The legislation would require stores and restaurants in several states to accept their customers' cash. The legislation arrives as markets across the globe move closer to going cashless, with all the advancements in digital payments.
As CUToday.info reported here, the ATM Industry Association also recently issued a statement saying it supports the efforts to ban cashless retail businesses.
While payments experts say digital money is safer, quicker and more convenient, an outright ban on cash discriminates against those without credit or bank accounts, and raises concerns about privacy and data security, according to the New York Times.
San Francisco, Chicago Mull Rules
The New Jersey Legislature and the Philadelphia City Council have passed measures this year that would ban cashless stores. New York City, Washington, San Francisco and Chicago are weighing similar bills, the Times said.
“It’s important to recognize the fact that not everyone has access to banks or lines of credit,” said State Senator Nellie Pou, one of the sponsors of the bill in New Jersey.
The penalties for non-compliance in the proposed bills range from hundreds to thousands of dollars. In the New Jersey bill, they could go up to $5,000 for a second offense, the Times stated.