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.
Some small grocery stores and neighborhood convenience stores are eager for the U.S. government shutdown to end and for their customers to start receiving federal food aid again. Late last month, the Trump administration froze funding for the SNAP benefits that about 42 million Americans use to buy groceries. The U.S. Department of Agriculture says about 74% of the assistance was spent last year at superstores like Walmart and supermarkets like Kroger. Around 14% went to smaller stores that are more accessible to SNAP beneficiaries. A former director of the United Nations World Food Program says SNAP is not only a social safety net for families but a local economic engine that supports neighborhood businesses.
Andy Baehr, Head of Product at CoinDesk Indices, breaks down crypto’s Black Friday crash, Bitcoin dipping under $100K, and what’s driving the market rout.
Billionaire Warren Buffett warned shareholders Monday that many companies will fare better than his Berkshire Hathaway in the decades ahead as Father Time catches up
Chris Marquette of POLITICO breaks down how the FAA is cutting flights and facing a critical shortage of air‑traffic controllers amid the government shutdown.
Dr. Manuele Aufiero, CEO & Co‑Founder of Sizable En a groundbreaking undersea energy‑storage technology powering the global shift to clean, scalable power.
Paul Fipps, President of Global Customer Operations at ServiceNow, breaks down the company’s earnings beat, 5‑for‑1 stock split and booming enterprise AI demand
