Recently there has been an influx of businesses that refuse to accept cash, instead only taking debit, credit, Apple Pay, etc. The New York Times had an article about the unfortunate outcome of these seemingly progressive methods of conducting business: people with low income end up on the outside, looking in.
The Daily News says even some millenials are against the concept for security reasons.
Bronx Councilmember Ritchie Torres has put forth a bill that would prohibit restaurants and retailers from refusing cash purchases.
Almost 7% of American households are without a checking or savings account and an additional 19% are considered “underbanked,” relying on unconventional finance products or services, such as money orders and pawnshop loans. The majority of people who fall into these categories are nonwhite.
These ‘cashless’ businesses have already made a presence in the outer boroughs.