States Trying to Prevent Stores from Going Cashless

States Trying to Prevent Stores from Going Cashless

February 22, 2019         Written By Lynn Oldshue

For years, America has been moving closer to a cash-free society. Visa foresees a cashless Super Bowl by 2025, and over half of Americans think cash payments will be obsolete by 2030.

However, new legislation may keep those visions from becoming a reality.

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The New Jersey Legislature and the Philadelphia City Council have already passed bills that put a ban on cashless stores, The New York Times reports. Furthermore, Washington state, New York City, Chicago and San Francisco are exploring similar legislation to preserve the acceptance of cash payments.

Massachusetts has a longstanding law from 1978 that says, “No retail establishment offering goods and services for sale shall discriminate against a cash buyer by requiring the use of credit…All such retail establishments must accept legal tender when offered as payment.”

The New Jersey bill includes up to a $2,500 fine for the first offense if a retailer is caught not accepting cash for payment. The second offense carries a fine of $5,000.

Despite the prevalence of debit cards, credit cards and digital payments, 73% of Americans still use cash on a regular basis. Some keep cash on hand as a backup payment option, in case their card gets lost or the transaction gets declined. Others worry about payment card security and the vulnerability of digital payments.

The information contained within this article was accurate as of February 22, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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lynn-oldshue

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.