If a cashless society is supposed to be the future of commerce, why is New York City turning a blind eye to certain advancements in tech?
According to the Associated Press, certain New York City politicians have drafted a bill that proposes a law to prevent businesses from not accepting cash at checkout. City Councilman Ritchie Torres, who is the representative for parts of the Bronx, formally presented his proposal this Wednesday along with three co-sponsors; Democratic city councilors Chaim Deutsch, Rafael Espinal and Keith Powers. The idea behind the ban is based on the claim that businesses that don’t accept cash could be “discriminating against communities that have difficulty accessing credit cards” and violators of said legislation could face fines up to $250 for a first offense.
This argument seems surprising as most people usually can’t stand the $6-$10 minimum most places implement in order to be able to use their card at the corner bagel store or bodega. Is there no middle ground? And to what extent can legislation impede businesses from implementing their own best practices to advance their own business into the future?
— Ritchie Torres (@RitchieTorres) November 29, 2018Advertisement
As of now, the legislation has been referred to a council committee for further review.
Featured image: businessadvice.co.uk