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<ul class="summary-list"><li>Los Angeles could join other cities and states in banning cashless businesses. </li><li>Some shops in LA have turned to credit or digital payments only, citing theft concerns. </li></ul>A Los Angeles city official wants to ban cashless businesses in the area, arguing they exclude low-income people and others who don't carry credit cards. "Cashless businesses create an economy in our City that is not inclusive and accessible for all people," Councilwoman Heather Hutt said in a <a href="https://councildistrict10.lacity.gov/sites/g/files/wph1986/files/2023-08/CD10%20Cashless%20Business_Press%20Release%20.docx%20%281%29.pdf" target="_blank" rel="noopener">press release</a> introducing a motion on the topic. "There are many unbanked groups, including BIPOC and low-income communities, that rely on cash to pay for goods and services." It comes as more businesses in the area are opting for cashless payments like credit cards or digital payments through apps. Those options, businesses say, make the purchasing process more efficient and safe, the <a href="https://www.msn.com/en-us/money/smallbusiness/la-might-ban-cashless-businesses-heres-whats-at-stake/ar-AA1fBYFP">Los Angeles Times</a> reported.For example, a salad bar chain beloved and advertised by the Kardashian family recently turned cashless at its multiple LA locations, citing a rise in theft in the city, the <a href="https://www.dailymail.co.uk/tvshowbiz/article-12421537/Kardashians-favorite-salad-chain-goes-cashless.html" target="_blank" rel="noopener">Daily Mail</a> reported. Hutt argues that such measures are discriminatory. Her motion calls for the City Attorney to draft an ordinance prohibiting cashless businesses. "As a City that has promised to be a safe and fair place for all, we must be proactive in ensuring that all our systems create fairness and equity for each and every individual," Hutt said in the press release.Los Angeles would not be the first jurisdiction to face such a call. Several major cities, such as New York and Philadelphia, have done the same, as have a handful of states, the Times reported. San Francisco enacted a cashless ban in 2019, something city officials doubled down on during the COVID-19 pandemic when some businesses tried to deny cash for health reasons. "This is about equity. Not everybody has a credit card or an ATM card, and people need essential services," San Francisco Police Department Chief Bill Scott said in May 2020, <a href="https://sf.eater.com/2020/5/12/21255983/san-francisco-sfpd-cash-coronavirus" target="_blank" rel="noopener">Eater SF</a> reported.

LA considers ban on cashless businesses because they exclude low-income people, people of color, and seniors

<a href="http://www.businessinsider.in/India-effects-of-demonetization-this-Digital-Village-at-Akodara-is-blooming/articleshow/55668226.cms">I recently visited India's first digital village and while it is the perfect model for a cashless society</a>, it is also a lesson in digital adoption. 
It bunks the myth that you need to live in a city to live a digitized lifestyle. 
 
<a href="http://www.businessinsider.in/ICICI-Bank-to-transform-100-villages-into-Digital-Villages-in-100-days/articleshow/55666437.cms">ALSO READ: ICICI Bank to transform 100 villages into ‘Digital Villages’ in 100 days</a> 
 <keyword id="3896834" type="UNKNOWN" weightage="100" keywordseo="akodara">Akodara</keyword>, <keyword id="6354766" type="COMPANY" weightage="100" keywordseo="Gujarat">Gujarat</keyword> is not just famous for enabling <keyword id="322793" type="UNKNOWN" weightage="20" keywordseo="Cashless">cashless</keyword> transactions but also for how villagers use technology to make their everyday life easier. 
 
Let's show you how it was made possible.

I visited the cashless Gujarat village- Akodara that everyone’s
talking about, and here’s my takeaway

<keyword id="461594" type="ORGANIZATION" weightage="60" keywordseo="regional-transport-offices">Regional Transport Offices</keyword> in the national capital are set to go cashless from January when fees for all services including driving licence, auto permit and fitness certificate can be paid electronically. 
 The <keyword id="62110" type="ORGANIZATION" weightage="20" keywordseo="transport-department">Transport Department</keyword> has started installing Point of Sale (PoS) machines at its zonal offices and the trial run of the cashless transaction system is being carried out at some places. 
 "From January, people coming to <keyword id="48945" type="ORGANIZATION" weightage="20" keywordseo="RTO">RTO</keyword> offices can pay fee of various services -- permits, driving licence, fitness certificates - using their debit, credit cards. Applicants won't be required to make payments in cash," a senior government official said. 
 
There are 14 zonal offices of the Transport Department in the city. The official said that the move would ensure hassle-free services for the people of Delhi. 
 
The step is in line with the Delhi government's plan to bring all departments under cashless transaction system. 
 
"At present, e-PoS machines are being installed at all zonal offices. Besides, computer software of the department is also being updated in view of the cashless transactions," the official said. 
 Earlier this month, Transport Minister <keyword id="6374609" type="UNKNOWN" weightage="20" keywordseo="Satyendar-Jain">Satyendar Jain</keyword> had directed his department to start accepting fees and payments in the form of bank drafts and pay orders for all transport services in view of cash crunch after demonetisation.

RTOs to go cashless
by next month

Last Sunday Prime Minister in the radio programme ‘Mann ki Baat’, while addressing the country said, he wants the country to have less cash transactions, which will eventually make India a cashless economy altogether. No wonder, he won round of applause from the people. The basic aim of this, he said, is to curb black money and make sure each and everyone in the country pays tax to the government. 
 
There is no doubt about <a href="http://www.businessinsider.in/searchresult.cms?query=cashless&amp;sortorder=score">Modi’s goodwill</a>. However, before we start paying autowallahs and vegetable sellers in the neighbourhood through mobile app, let’s have a look at how the world’s first cashless economy in Sweden is doing. 
 
To believe media reports, Sweden is shaping up to be the first country in the world to plunge its citizens into a fascinating - and terrifying - economic experiment – a <a href="http://www.businessinsider.in/searchresult.cms?query=cashless&amp;sortorder=score">cashless</a> society. 
 
Sweden started the journey towards cashless economy since many years. Take a bus ride, buy a magazine or a chewing gum, digital payments are accepted everywhere. 
 
This is the country where, if you use too much cash, banks call the police because they think you might be a terrorist or a criminal. Swedish banks have started removing cash ATM machines from rural areas, annoying old people and farmers. There is a belief in the country that if you have to pay in cash, something is wrong. 
 
That sounds quite futuristic until you know the truth. The Interest Rate at Sveriges Riksbank, the central bank in Sweden is -0.500% since last February. 
 
Although retail banks are yet to pass on that negative to rate to Swedish consumers, the longer it's held there the more financial pressure there is for banks to pass the costs onto their customers. 
 
So here lies the danger. The commoners have to keep the money in bank and pay for it. They cannot withdraw cash and cash transactions are refused by retail stores legally. The senior citizens are the worst affected as they lack concentration to focus on mobile banking. 
 
It’s a fact that Swedish can’t hide their money. But citizens need to pay banks charges for keeping their money and that’s the way of survival. 
As per a Quartz report, surveys conducted by <a href="http://www.businessinsider.in/searchresult.cms?query=cashless&amp;sortorder=score">Riksbank </a>show that for transactions fewer than 100 kronor (approx. Rs 750), 41% of people still prefer to use cash. And the Swedish National Pensioners’ Organization, which represents some 400,000 of the country’s elderly, says 7% of its members never use bank cards. 
 
Now think of this situation in India. There are some millions of widows, unemployed and retired employees who thrive on bank interests for survival. After demonetization, we have seen interest rates of nationalized banks slumping down to 4%-5%, which is 3% below normal rates. Most people in the service sector has only one way to save their money – either through fixed deposits or several schemes, which gives a good percentage of annual increment. 
 
And what are the obstacles that can happen in a cashless society? There may be a rise in fraud rates, people’s discomfort about electronic footprints in <a href="http://www.businessinsider.in/searchresult.cms?query=cashless&amp;sortorder=score">semi urban and rural stores</a>. Another industry that would be badly hit by cashless economy is tourism, the proof of which has already begun to show in Sweden. A news report by The Guardian says that a grand music festival in Sweden sparked chaos after their payment system broke down. 
 
India heading towards a cashless economy is a great thing! But can the Indian middle class handle it?

Sweden is the world’s
first cashless economy and has negative bank interest rates. Can Indian middle
class handle it?

Want your children to know about cashless transactions and how the digital economy works? Mr. <keyword id="67392" type="UNKNOWN" weightage="20" keywordseo="Monopoly">Monopoly</keyword> simplifies this for you by introducing <keyword id="4899885" type="ORGANIZATION" weightage="20" keywordseo="monopoly-electronic-banking">Monopoly Electronic Banking</keyword>, a modern twist on the classic Monopoly game loved by one and all. 
	
	
	
	
	
	
	
	















 Inspired by the cashless drive and the move towards a digital economy in India, Mr. Monopoly made a historic addition to the classic board game by introducing a cashless version, encouraging players to upgrade to “Monopoly Electronic Banking” with a series of incentives. Check out the announcement here- 
 <div type="Youtube" id="qp1Myhe7pmk" title="Mr. Monopoly’s Cashless Drive - Hasbro Gaming India" thumbUrl="https://i.ytimg.com/vi/qp1Myhe7pmk/mqdefault.jpg"></div>



 Monopoly <keyword id="913802" type="ORGANIZATION" weightage="20" keywordseo="electronic-banking">Electronic Banking</keyword>, comes with 4 color coded debit cards and an easy play electronic banking unit. The game combines the best of classic Monopoly with electronic transactions. As with the original version, players still operate with money, learn real-world economics, competition and strategy, try to stay out of jail, and attempt to get super rich and ‘own it all’. <div type="image" title="A7444_DAD_Games_EMonopoly_US_6558" msid="60154849" hostid="261"></div>













































































	
	
	
	
	









 The in-game cash and bank is replaced with the 4 colorful debit cards that players can scan on a handheld Electronic Banking unit to make purchases and pay off debts. With Monopoly Electronic Banking, you can now store millions on your Monopoly bank card. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="image" title="E_Banking_Cards" msid="60163680" hostid="261"></div>




































 Monopoly Electronic Banking reflects how the real world now uses money and will continue to help players understand and learn responsible money management. Watch the video. 
 <div type="Video" msid="60159767" hostid="261" title="Inspired by the move to digital economy in India, Mr. Monopoly goes on a cashless drive" dataSource="BUSINESSINSIDER" thumbUrl="http://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=60159767&amp;ssoToken=97a80e8f8fc9461689dbe08e3ad77fb3"></div>



 To upgrade to this new avatar of the game, Mr. Monopoly is inviting his consumers to exchange any of their old Monopoly paper notes for a 100-rupee cash discount on Monopoly Electronic Banking at major toy stores. Alternatively, consumers who don’t own a monopoly set yet, can take a social pledge to “Join Mr. Monopoly’s Cashless Drive” on www.monopolyebanking.com and redeem the cash discount at www.amazon.in. The micro site also provides the consumer with details on the nearest partner toy store locations, where old monopoly paper notes can be exchanged to avail the Rs 100 discount.
 	

 The game includes 1 Gameboard, 28 Title Deed Cards, 16 Chance Cards, 16 Community Chest Cards, 32 Houses, 12 Hotels, 4 Tokens, 2 Dice, 1 Electronic Banking Unit, 4 Electronic Banking Cards and Game Guide.

	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="image" title="A7444EF10_5010994941345_main_15" msid="60154850" hostid="261"></div>














































































Monopoly Electronic Banking priced at Rs 1799 is available at all major retailers across India. <a href="http://www.monopolyebanking.com/">Join Mr. Monopoly’s Cashless Drive</a> (This post is powered by Monopoly and authored by <keyword id="210137" type="ORGANIZATION" weightage="20" keywordseo="hasbro">Hasbro</keyword>)

Inspired by the move to digital economy in India, Mr. Monopoly goes on a cashless drive

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Hollis Johnson/Business InsiderSweetgreen will once again accept cash.</div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/sweetgreen">Sweetgreen</a> will once again accept cash, three years after forcing customers to exclusively pay via app or card. </li><li><a href="https://www.businessinsider.com/sweetgreen-goes-cashless-2016-12">The chain's cashless policy</a> "had the unintended consequence of excluding those who prefer to pay or can only pay with cash," Sweetgreen said in a blog post on Thursday. </li><li>Sweetgreen follows in the footsteps of Amazon, which recently announced its cashier-free Amazon Go stores would start accepting cash, following backlash and regulation. </li></ul>Sweetgreen, a trendy salad chain that helped kick off the cashless revolution, is backtracking. On Thursday, Sweetgreen announced it plans to accept cash in all locations across the US by the end of 2019. The change comes three years after Sweetgreen announced it would only accept payment via app or card.Going cashless "started with an imperative that we've always had at Sweetgreen: How do we simplify things?" <a href="https://www.businessinsider.com/sweetgreen-goes-cashless-2016-12">Sweetgreen cofounder Jonathan Neman told Business Insider at the time.</a>Neman said in 2016 that Sweetgreen was going cashless to speed up service, protect against robberies, and promote sustainability. "Going cashless had these positive results, but it also had the unintended consequence of excluding those who prefer to pay or can only pay with cash," <a href="https://medium.com/@sweetgreen/back-to-the-future-its-cash-dc1de3da437a">Sweetgreen said in a Medium post on Thursday. </a>Sweetgreen isn't the only company backtracking on its plans to cut cash. Earlier in April, news broke that Amazon is planning to start accepting cash at its cashierless Amazon Go stores.Read more: <a href="https://www.businessinsider.com/amazon-to-start-accepting-cash-at-amazon-go-2019-4">Amazon plans to start accepting cash at Amazon Go stores after reported accusations of 'discrimination and elitism' and new laws banning cashless stores</a>Cashless restaurants and stores have faced backlash for excluding millions of people who do not have a bank account. 8.4 million households, or roughly 6.5% of all households in America, were "unbanked" in 2017, <a href="https://www.fdic.gov/householdsurvey/">according to the Federal Deposit Insurance Corporation</a>.Cities and states have recently been working to pass regulation to ban cashless companies. Massachusetts, Philadelphia, and New Jersey already require stores to accept cash payment, and New York City and San Francisco are considering similar measures.<a href="http://www.businessinsider.com/intelligence/5-biggest-questions-around-amazons-new-grocery-chain?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr&amp;itm_term=ctgr_leadgen&amp;itm_content=ecommerce_ctgr_leadgen&amp;itm_campaign=ecommerce_ctgr_leadgen_amazon_grocery_chain"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/skittles-factory-helped-shape-small-town-economy-and-shows-how-us-cities-attract-big-companies-2019-4">A Skittles factory helped shape a small-town economy and shows how US cities are attracting big companies</a></h3> <div> </div> </div>

The cashless revolution is fizzling out, as trendy salad chain Sweetgreen and Amazon backtrack following backlash and regulation

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Dennis Green/Business InsiderA receipt given after paying cash at Amazon Go's new store in New York City,</div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/amazon">Amazon</a>'s latest Go store accepts cash, and it emphasized that fact upon its opening on Tuesday.</li><li>It's the latest news to indicate that cashless stores are not, in fact, the future, and that the dream of a cashless society is already experiencing some serious hiccups.</li><li>Cashless stores are increasingly coming under fire for excluding populations that can't or don't want to use credit or debit cards for their purchases.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>Flying cars, robot butlers, and cashless stores: only one of these things that were promised by retro-future cartoons and sci-fi movies actually exists today.And, it's already on life support. The future for cashless stores looks increasingly bleak. Supporters of the cashless model say that the group of customers actually using cash to make purchases is so small that it makes sense to cut out the time-intensive process of carrying and giving change to customers. The latest Amazon Go store in New York City, which opened on Tuesday, accepts cash, and it made a point of that fact upon its opening on Tuesday. Business Insider even tested out its cash acceptance feature and found it was thought-out and worked adequately.Read more: <a href="https://www.businessinsider.com/amazon-go-store-how-to-pay-cash-2019-5">Amazon just opened a new breed of Go store as backlash against cashless stores grows. Here's what it's like to shop there.</a>It's not exactly the Amazon Go experience as Amazon envisioned it. Most customers will likely be using the dedicated app to scan in and shop around without checking out. But the existence of the cash cart is a key admission that cash isn't going anywhere anytime soon. "Adding more payment methods enables more customers to shop in the store. And that's great for customers and great for us," Cameron Janes, Amazon's vice president for physical stores, told Business Insider. "We're learning. We're going to see how it goes, iterate on it based on customer feedback, and then eventually roll it out to all our stores."<div class="KonaFilter image-container display-table"><div><div class="image on-image">Dennis Green/Business Insider</div></div></div>Cashierless operations like Go have been under scrutiny from state and local governments for excluding the ability to pay in cash, which would not allow the unbanked - those without a bank account or credit card - to shop in the store.Massachusetts, Philadelphia, and New Jersey all require or will require stores to accept cash, and cities like New York and San Francisco are considering following suit.And Amazon isn't the only one with a cash contingency plan. Salad chain Sweetgreen went cashless in 2016, only to announce this year that it would be bringing back cash for all of its stores by the end of 2019."Going cashless had ... positive results, but it also had the unintended consequence of excluding those who prefer to pay or can only pay with cash," <a href="https://medium.com/@sweetgreen/back-to-the-future-its-cash-dc1de3da437a">Sweetgreen said in a Medium post in April</a>.Read more: <a href="https://www.businessinsider.com/the-death-of-cash-might-be-overstated-2018-3">The cashless revolution is fizzling out as trendy salad chain Sweetgreen and Amazon backtrack following backlash and regulation</a>A large part of the US population is unbanked. Roughly 8.4 million households, or about 6.5% of all households, did not have access to a bank account in 2017, <a href="https://www.fdic.gov/householdsurvey/">according to the Federal Deposit Insurance Corporation</a>.Though they are likely not the real or intended customers of Sweetgreen or Amazon's stores, exclusion - however unintentional or theoretical - can have real, potentially painful effects.Allowing for cash purchases is also smart business for retailers dealing with smaller transactions. Almost two-thirds of US customers <a href="https://www.businessinsider.com/the-death-of-cash-might-be-overstated-2018-3">told Cardtronics and PYMNTs</a> that they would prefer to use cash for purchases of less than $10. Cash still accounts for a large part of spending, measuring a declining - but still significant - 11.2% of the US' GDP by 2021, according to forecasts.The cashless future is all but dead. The best we're going to get now is mostly cashless.<a href="https://www.businessinsider.com/intelligence/5-biggest-questions-around-amazons-new-grocery-chain?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=ecommerce&amp;itm_campaign=5-biggest-questions-around-amazons-new-grocery-chain"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/skittles-factory-helped-shape-small-town-economy-and-shows-how-us-cities-attract-big-companies-2019-4">A Skittles factory helped shape a small-town economy and shows how US cities are attracting big companies</a></h3> <div> </div> </div>

Amazon's latest store proves the cashless dream is dead

The government at the centre, which has been talking about bringing back <a href="http://www.businessinsider.in/searchresult.cms?query=black+money">black money</a> and curbing black money from generated within the country, has embarked upon landmark reforms. If these measures are implemented in a manner that their spirit is intact, black and illegal means of stashing away the money would soon be a passé. Because, the government is moving towards making the country cashless society soon, so that the transactions can be traced with the help of technology. 
 
This must be one of the most far reaching application of technology that can impact the common person who isn’t possessing a credit or debit card per se, since most of the banks till now extended this facility only to those who belonged to a certain income category, and it was really a matter of choice. 
 
Cashless country will transact with the help of financial tools such as bitcoin. Though this may take nearly a decade or two to make a shift completely, India is surely on the road to this destination already. 
 
While presenting <a href="http://timesofindia.indiatimes.com/business/india-business/Govt-proposes-tax-breaks-for-card-payments/articleshow/47772564.cms">Budget 2015</a>, <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> had said cashless society will be a significant direction for India, which is treading the path of being the empowered nation as far as financial health is concerned. 
 
“One way to curb the flow of black money is to discourage transactions in cash. Majority of Indians can access RuPay or debit card,” he had said. With clearly an alternate structure in place, measures will soon be introduced that will incentivise credit or debit card transactions and discourage cash transactions from taking place. 
 
<a href="http://www.npci.org.in/">National Payments Corporation of India</a> has already launched RuPay debit and Credit cards to meet the needs of Indian consumers, traders, merchants and financial institutions such as banks etc. Flexibility of product platform and high levels of acceptance, along with hassle-free access and usage are among the strong reasons that RuPay is making inroads into various parts of the country. 
 If things work fine, the <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> system will be integrated by April 1, 2016 to ensure fool-proof indirect tax system that will ensure transparency. Jan Dhan Yojana, Aadhar and Mobile transactions – referred to as JAM Trinity – will be used to put the cashless transaction methods in place. 
This will allow the country to benefit from cleaner transactions and leakage-proof accountability for any high value transactions which often breed black money. 
 
Internationally too, the concept has already found takers in the west. Recently, the UK Payments Council said in 2013, cashless payments made up to over half of the total payments made by business houses, consumers and financial institutions. The number is bound to increase with every passing year. 
 The Reserve <keyword id="6355303" type="CITY" weightage="20" keywordseo="Bank-of-India">Bank of India</keyword> Governor <a href="http://www.businessinsider.in/searchresult.cms?query=Raghuram+Rajan+">Raghuram Rajan</a> had recently endorsed the transactions aided by bitcoin would help make India a cashless society soon which had all transactions accounted for. 
 
Digital currencies seem like the future of all transactions for India, with the thrust being placed upon curbing illegal transactions and rising levels of corruptions in various offices. 
 
One of the main problems the country would perhaps face in the implementation and integration of cashless society and transitioning into RuPay or <a href="http://www.businessinsider.in/Bitcoins-India-Travails-Attempting-Big-Change-Through-SmallChange/articleshow/28268118.cms">Bitcoin</a> is the fact that these digital currencies have huge security issues that can turn into a challenge. That apart, huge population groups using these currencies can also pose a challenge if they are not planned for. 
 
Fluctuation value is another major issue that could raise pertinent questions on the transactions aided by digital currency. A stable store value is the most important aspect of money. Something that fluctuates can actually change the way money is being used in various forms. 
However, these concerns are being raised at a point where the talks are still on about turning countries into cashless societies. Since the stalwarts of digital currency would have perceived these challenges in some form or the other, safety issues would soon be addressed to provide at least minimal insulation to the end users. 
 
Such security challenges can jeoparadise the future of cashless society. But, addressing them with caution and care would only help the concept of cashless society grow into a norm, more than the exception. 
 
RBI is confident that the cashless society would soon be inevitable, and digital currencies would drive that change. More and more usage would only mean wider acceptance and down the line, these currencies will ensure the challenges being addressed and resources being distributed well among various classes of the society. Though digital currencies can address a host of problems, using them without exercising proper discretion can also put society into danger. 
 
Digital currency will address the growth of e-commerce which is booming in India. This is where the future is, and the country has chosen to walk the road of future than be left behind. 
 Image: thinkstock

Cashless society for cleaner transactions

Crystal Cox/Business Insider<ul class="summary-list"><li>In January, New York became the latest US city to ban cashless businesses, joining other cities including San Francisco and Philadelphia.</li><li>Those in favor of going cashless say it makes businesses more efficient. But legislators and consumers argue that it excludes portions of the population that don't have bank accounts or debit cards.</li><li>Analysts at Deutsche Bank's research arm recently released <a href="https://www.dbresearch.com/PROD/RPS_EN-PROD/PROD0000000000504353.PDF">a series of reports on the future of payments</a>. And cash, they said, is likely here to stay. "Over centuries, people have developed a deep-rooted trust in paper and coins during uncertain times. Today is no different," they said. </li><li>From merchants to credit-card companies to consumers, here's who stands to win and lose in a cashless economy.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summarymarymary">Click here for more BI Prime stories</a>.</li></ul>The debate over the future of cash is heating up, with cities across the country banning or proposing a ban on businesses that don't accept physical money. New York is the latest city to weigh in. The city council <a href="https://www.nytimes.com/2020/01/23/nyregion/nyc-cashless-ban.html">approved a bill</a> in January that requires retailers and restaurants to accept cash and prohibits those businesses from charging customers more for payment in cash. Last year, <a href="https://www.wsj.com/articles/philadelphia-is-first-u-s-city-to-ban-cashless-stores-11551967201?mod=hp_lead_pos5">Philadelphia</a>, <a href="https://www.businessinsider.com/how-to-pay-cash-amazon-go-san-francisco-2019-9">San Francisco</a>, and the state of <a href="https://www.businessinsider.com/new-jersey-state-legislators-pass-bill-outlawing-cashless-retailers-2019-2">New Jersey</a> also passed bans on cashless businesses. Washington, DC will <a href="http://lims.dccouncil.us/Download/41809/B23-0122-HearingNotice1.pdf">hold a public hearing on a proposed cashless ban this week</a>.Proponents of a cashless world say it helps businesses operate more efficiently, reducing time spent counting registers at close and running cash to the bank. And tapping a mobile wallet or inserting a card can also speed up check out lines.But legislators are stepping in and arguing that by not accepting cash, businesses are discriminating against consumers who don't have bank accounts or credit cards.There are also consumers who have data and privacy concerns and see cash as a more secure way to spend.Analysts at Deutsche Bank's research arm recently released <a href="https://www.dbresearch.com/PROD/RPS_EN-PROD/PROD0000000000504353.PDF">a series of reports on the future of payments</a>. And cash, they said, is likely here to stay."Over centuries, people have developed a deep-rooted trust in paper and coins during uncertain times. Today is no different," the report said.Still, the Amazons and Apples and Googles of the world, each with their own digital payments products, are pushing for a more digital-focused payment ecosystem.Here's a look at the various sides of the cash debate. <h2>Credit card networks</h2>Credit card networks like American Express, Discover, Mastercard, and Visa make money when you pay with a card. For every credit and debit card transaction, the networks charge a fee for processing. The names of fees vary - interchange fees, network fees, discount rates - but basically they're all percentages of transactions charged to banks that issue the cards and merchants that accept them.Amex, for one, used to be accepted fewer at places than the likes of Mastercard and Visa. Many chalked that up to Amex' higher fees, which have since come down. As of the end of 2019, Amex now claims "virtual parity" acceptance with Visa and Mastercard, <a href="https://www.bloomberg.com/news/articles/2020-01-24/amex-declares-win-in-drive-to-add-stickers-to-u-s-storefronts">according to Bloomberg</a>.<h2>Digital wallets</h2>From Apple to Google to Uber, tech companies are pushing for digital wallets as alternatives to both cash and cards. And they're catching on.In its recent future of payments report, Deutsche Bank researchers are predicting that digital payments are more of a threat to plastic credit cards than to cash."While we believe cash will stay, the coming decade will see digital payments grow at light speed, leading to the extinction of the plastic card," the report said. "Over the next five years, we expect mobile payments to comprise two-fifths of in-store purchases in the US, quadruple the current level."Apple Pay accounts for about half of mobile payments today, <a href="https://www.emarketer.com/content/us-mobile-payment-users-2019">according to eMarketer</a>.<h2>Shutterstock/PeterVandenbelt</h2><h2>Merchants</h2>Merchants who have rolled out cashless storefronts often cite business efficiency and security.Going cashless means businesses don't have to count out registers, bring cash into the bank, and manually account for cash payments. A fully card-based and digital point-of-sale can make accounting and reporting easier, too.But many once-cashless retailers have reversed course. Salad chain Sweetgreen, for example, announced it would start accepting cash as of April last year after being cashless since 2016. That same month, Amazon Go, the cashierless convenience store, <a href="https://www.businessinsider.com/how-to-pay-cash-amazon-go-san-francisco-2019-9">said it would also start accepting cash</a>.<h2>Unbanked and underbanked households</h2>Last year, New York's Department of Consumer and Worker Protection <a href="https://www1.nyc.gov/site/dca/media/pr100219-dcwp-releases-updated-report-households-unbanked-underbanked.page">released data</a> that found 11% of New York City households are unbanked (meaning they have no bank account), and 21% of households are underbanked, meaning they have bank accounts but use alternatives like cash-checking businesses instead of their banks.So without a bank account, debit card, or credit card, cash is often the primary way this segment of consumers spend. And not being able to do so, lawmakers say, is discriminatory."The City of New York cannot allow the digital economy to leave behind the 25 percent of New Yorkers who are chronically unbanked and underbanked," said New York City council member Ritchie J. Torres, the cashless ban bill's sponsor, <a href="https://council.nyc.gov/press/2020/01/23/1859/">in a press release</a>.<h2>Small (sometimes cash-only) businesses that can't afford interchange fees</h2>In New York, small businesses like delis and local restaurants often have credit card minimums or offer discounts for cash purchases. That's often to make up for the fees for credit card processing. In a cashless world, these businesses would be required to accept card or mobile payments, forcing them to take on the transaction processing costs. Ultimately, this could be shifted back to consumers by way of higher prices on goods.<h2>Consumers with privacy concerns</h2>Deutsche Bank's research found that for those who prefer cash as a payment method, 22% of respondents in the US said that purchases remaining anonymous was a main reason to opt for cash.With major credit card data breaches at retailers like <a href="https://www.businessinsider.com/target-data-breach-explained-2014-2">Target</a> and Home <a href="https://www.businessinsider.com/home-depot-hack-larger-than-targets-2014-9">Depot</a> in recent memory, some consumers are reluctant to spend on a card, preferring the security of cash. And while those breaches were due to magnetic stripes on cards, now largely replaced by chips, consumers still have hesitations around data privacy. <h3>NOW WATCH: <a href="https://www.businessinsider.com/robert-shiller-narrative-economics-compelling-stories-disrupt-2020-1">Nobel Prize-winning economist Robert Shiller explains how compelling stories are what really shape our economy - from bitcoin to Trump's presidency</a></h3>

You Searched For "Cashless" and got 9 results

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