Cashless transactions are on the rise worldwide, expected to account for more than $200 billion in North America in 2022, but refusing to accept cash transactions excludes vulnerable New Yorkers, Councilman Ritchie Torres told Cheddar Monday. That is why he sponsored a bill to ban cashless transactions in the Big Apple.
"Cashless businesses might seem benign on the surface, but I'm concerned that it could represent institutionalized racism in practice," Torres said.
He said 25 percent of city dwellers are unbanked or underbanked and those individuals are "disproportionately people of color, disproportionately low income." Some immigrants may not have the documentation needed to set up bank accounts or qualify for credit cards, he said, and some individuals experiencing homelessness may not have a permanent address.
New York City became the third major city, joining San Francisco and Philadelphia, to pass a measure banning brick and mortar stores and restaurants from refusing cash. Under the regulation, businesses face fines of up to $1,500 for refusing cash.
Torres said businesses can use something like a Metrocard machine, which converts cash to a card to enter the subway, to "preserve the flow of electronic transactions." Although, unlike the city's Metrocard machines which charge a dollar for a card, businesses will have to provide the service for free.
"Whatever your reasons, the best argument against cashless businesses is consumer choice," he said.
Karl Farmer, Vice President and Portfolio Managers at Rockland Trust Bank, breaks down why inflation and interest rates may stick at these levels, and why Bitcoin still carries some risks.
If you wince at the grocery store checkout, you’re not alone. Wall Street Journal reporter Jesse Newman breaks down why prices are so high – and not going down anytime soon.
An inflation gauge favored by the Federal Reserve increased in January, the latest sign that the slowdown in U.S. consumer price increases is occurring unevenly from month to month. (Getty Images)
Glen Smith, CIO at GDS Wealth Management, shares how investors can allocate their assets as the market broadens and why he’s eyeing June for the first potential rate cut.
After years of price increases for cars and trucks in the United States, costs are slowing and in some cases falling, helping cool overall inflation and giving frustrated Americans more hope of finding an affordable vehicle.
Missed out on the Nvidia wave? Oh course you did — you’re reading this article aren’t you, instead of luxuriating on a white-sand beaches of Bali. But here are at least four other promising semiconductor stocks to add to your portfolio.
