Card Payment Only/No Cash registers and options are popping up everywhere; the hardware store, the car wash, and even at fast food joints. They’re a sign that the cashless economy is here and data suggests it’s not going anywhere. But that may not be a good thing.
Here’s Five Fast Facts about the Cashless Economy:
- 💳 Insert, Swipe, or Tap - The Cash Only trend has been around forever but it started getting more popular during the pandemic, in part to limit hand-to-hand payments. It also provided businesses with faster checkout, lower labor costs, and increased security.
- 🍔 Get In Line - Stadiums, concert venues, and many local restaurants have made the move. Even Yum Brands restaurants like Taco Bell, KFC, and Pizza Hut are going cashless.
- 🛍️ Expansion - In 2022, researchers found that 41% of Americans say they’re no longer paying with cash. In 2018, it was 29% and in 2015, it was just 24%. The movement is definitely growing.
- 🏬 Not So Fast - It’s not a popular concept with everyone, though. The ACLU is leading the charge against the cashless future. They’re pointing to a variety of reasons, including the impact on privacy, the effect on low income communities, and the financial impact on small businesses.
- 💰 Card Rejected - Los Angeles, Washington DC, and 12 states have banned businesses from accepting only credit and debit card payments. Most recently, Wisconsin introduced legislation that requires retailers with a physical location selling goods or services to accept cash for purchases less than $2,000. It has yet to pass.
🔥Bottom line: If you’re a political tribalist, this could leave you very confused. The ACLU is involved. The government is banning things, but those bans are at places that have removed your choice as a customer. “Both sides,” however, have solid arguments for and against the cashless future. Strange times…
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