It was reported on 7th March that Philadelphia is set to ban and impose a penalty on diners and retailers that do not allow cash as the method of payment.
The future of advanced technology always sees going cashless as the most feasible and secure method of dealing with transactions. Many countries, particularly the Northern European countries are on their way to transitioning completely from a society that deals in cash to a cashless one.
Using cash to pay for purchases is becoming more and rarer in some of these countries, like Sweden, where people have found it more suitable to switch to modern methods of payment such as mobile wallets, cryptocurrency and even implant chips in some cases.
Never-the-less, with the recent movement in Philadelphia, it is now compulsory for retailers to take cash as a mode of payment. On the 15th of February 2019, the city council of Philadelphia passed a bill in favor of banning stores that refuse to take payments in cash.
They have given such stores and restaurants until the 1st of July 2019, to change their payment policies or be liable to fines as heavy as two thousand dollars.
Among the major reasons for this regulation is ensuring equality to customers who do not have access to such modern means of payment. Further solidifying his case, Councilman Bill Greenlee stated that with a poverty rate of 26%, the city could not afford the transition to becoming cashless.
This claim was further substantiated by a study that found almost 6% of the population in Philadelphia lacks access to banking and financial services. This legislation is bound to have many effects on business, with new ventures being bound to accept the hard cash route of payment. Massachusetts also has a similar regulation, requiring all retail stores to allow credit and cash payments.
