Great: New York and other cities want to ban cashless stores

New York City is weighing a proposed law that could challenge Amazon and other businesses — banning cashless stores.

Great: New York and other cities want to ban cashless stores 5c6704ff2400003e034b5c08

Great: New York and other cities want to ban cashless stores 5c6704ff2400003e034b5c08

A hearing was held Thursday on the bill, which has won support from legislators, unions and the city’s Department of Consumer Affairs. Amazon, which runs several cashless bookstores and one four-star store in the city, didn’t testify and declined to comment. Some restaurants, including the vegan chain By Chloe and taqueria chain Dos Toros oppose the bill and say running a cashless business protects the safety of their employees from robbery and theft.

As consumers move to pay with their credit cards, some restaurants and retailers opt to exclude cash as a way of payment. Ritchie Torres, the New York City councilman who introduced the bill last year, aims to protect populations who don’t own bank accounts or who want to use cash to protect their privacy, as well as senior consumers who are used to paying in cash.

According to a 2017 survey from the FDIC, the unbanked population in the U.S. has fallen to 6.5%. An additional 18.7% of U.S. households are underbanked, meaning they have a checking or savings account but also obtained financial products and services outside of the banking system. The rate is even higher in New York City, where one in four households are underbanked, according to a study in 2015.

“Even if we're moving in the direction of an increasingly electronic economy, why can't we have options?” Torres told Yahoo Finance. “If I don't have the money, it's fair to discriminate against me. But if I have the money, then I should be able to purchase a good or service.”

https://finance.yahoo.com/news/new-york-other-cities-and-states-want-to-ban-cashless-stores-190019498.html

Great: New York and other cities want to ban cashless stores

Great: New York and other cities want to ban cashless stores

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