FFCON21 Breaking Barriers May 11-13, 2021

Cities and states around the country are banning stores from refusing to accept cash, and it’s a troubling trend for Amazon

amazon go store r 300x233 - Cities and states around the country are banning stores from refusing to accept cash, and it's a troubling trend for Amazon

  • Stores that do not accept cash are on the rise, from quick-service lunch spots to Amazon's Go stores.
  • Not accepting cash can speed up lines and make life easier for card-carrying consumers.
  • But a backlash has grown, as the cashless trend leaves out lower-income customers who may not have a bank account.
  • Massachusetts, Philadelphia, and New Jersey have already barred stores from rejecting cash as payment, and New York City and San Francisco are considering similar measures.
  • This could affect the growth of Amazon's physical stores, which do not accept cash.

 

Cashless stores are becoming controversial.

See: 

Stores that do not accept cash are on the rise, from quick-service lunch spots to Amazon's physical stores. Not accepting cash can speed up lines or eliminate them altogether, making life easier for card-carrying consumers.

Not everybody is on board with this cashless utopia, however. Backlash has started, as the cashless trend leaves out lower-income customers who may not have a bank account. As of last year, an estimated 15.6 million people in the US do not have a bank account.

Philadelphia barred stores from choosing not to accept cash in early March, becoming the first US city to do so.

"Most of the people who don't have credit tend to be lower income, minority, immigrants. It just seemed to me, if not intentional, at least a form of discrimination," Philadelphia City Councilman William Greenlee told the Wall Street Journal.

New Jersey later followed with its own measure, which Governor Phil Murphy signed into law on March 18.

"This idea of 'we don't want to accept cash' just marginalizes the poor, young people who haven't established credit yet, people who prefer to pay in cash," Assemblyman Paul Moriarty, a sponsor of the bill, told WNYC.

 


NCFA Jan 2018 resize - Cities and states around the country are banning stores from refusing to accept cash, and it's a troubling trend for Amazon The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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