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.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
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