'The marketplace of the future must accommodate the needs of vulnerable New Yorkers,' Ritchie Torres, the bill's chief sponsor said in an emailed statement.
New York is the latest city to pass a law banning businesses from refusing to accept cash. It joins Philadelphia, San Francisco and New Jersey.Weed? CBD? New products, new laws are causing confusion in the workplace Fewer Americans are using dollars and cents for even the smallest purchases. While consumers used cash for 46% of purchases under $20 in 2015, they used hard currency to pay for just 37% of similarly priced items in 2019, according to the payment systems company Square. But while a growing number of Americans have stopped using cash to pay for meals, groceries or a new outfit, there are many others who don't have a choice . Nationally, 6.5% of households in 2017 did not have bank accounts, and 18.7% had accounts but also used financial services outside of insured institutions, according to the FDIC. In New York state, nearly a quarter of all households are"unbanked" or underbanked. Communities of color are particularly hard-hit. Among African American households, 16.9% nationally didn't have bank accounts in 2017, the most recent year data was available, and 14% of Latino households did not have a bank account, according to the FDIC. For that segment of the population, some lawmakers say, a business that doesn't take cash is basically off-limits. Some change their minds about cash Some companies that had gone cash-free have reversed course. Sweetgreen, the salad restaurant chain that went cashless in 2017, planned to start accepting hard currency again at all of its locations by the end of 2019. “Going cashless ... had the unintended consequence of excluding those who prefer to pay, or can only pay, with cash,'' the company said in a statement."Ultimately, we have realized that while being cashless has advantages, today it is not the right solution to fulfill our mission.” Meanwhile, Amazon, which was instrumental in launching the digital economy, has said its and its locations in San Francisco and New York City already do. New York's law comes on the heels of , which took effect in October. New Jersey began requiring businesses to accept cash in March, and San Francisco passed a similar law in May. Massachusetts has prohibited cashless merchants for more than four decades. Some New York business owners said having to take cash could be a hardship. “Using cash just slows us down,’’ says Michael Ryan, owner of Flip Siqi, a taqueria in the West Village section of Manhattan. The restaurant has been cashless since it opened four years ago, and Ryan says that he's been able to accommodate more customers since lines move quickly when they pay with the swipe of a card. Cash on the premises invites thieves, says Ryan, who was robbed five times at restaurants he previously owned. And he estimates he’d have to add another 20 hours a week to his crew’s schedule to deal with counting dollars and going back and forth to the bank. But eventually, he believes, the law might become moot. "It will be phased out,'' he says,"because no one’s using cash anymore.'' Follow Charisse Jones on Twitter @charissejones Read more: USA TODAY
RitchieTorres Does anyone else think that e-commerce companies should then have to accept COD? Make the burden equal to both sides. I will provide vocal coaching voice lessons singing lessons
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