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.
Mike Mussio, president of FBB Capital Partners, offers some advice to help potential savers get ahead.
Swingers mini golf co-founder and co-CEO Matt Grech-Smith explains the appeal of putt-putt for adults and the company's expansion to Las Vegas.
From moving finances online to the new ways we'll be getting cash, Ray Hatch, the Vice President of Enterprise Solutions Vertical Markets at Comcast Business explains how the banking industry is getting ready for the future.
Swingers mini golf chain co-founder and co-CEO Matt Grech-Smith explains how his company is finding success by creating a more adult version of a longtime family favorite.
Shopping expert Trae Bodge shares tips for saving money while back-to-school shopping for college students.
The managers of the Panama Canal said they expect income from the waterway to drop after authorities were forced to limit the number of ships passing through each to 32 due to a lack of rainfall.
Nissan is recalling more than 236,000 small cars in the U.S. because the tie rods in front suspension can bend and break, possibly causing drivers to lose steering control.
Canadian Prime Minister Justin Trudeau accused Facebook on Monday of putting profits over people’s safety during the emergencies created by Canada’s record wildfire season.
Neil Wertheimer, deputy editor for the AARP Bulletin and The Magazine, talks about some of the highlights from this year's list of 99 Great Ways to Save.
Just five years ago, a price-conscious auto shopper in the United States could choose from among a dozen new small cars selling for under $20,000. Now, there’s just one: The Mitsubishi Mirage.
