Posted on 08/13/2016 9:00:07 AM PDT by upchuck
... Some merchants such as SweetGreen, a salad chain, refuse to open their registers for cash, telling customers they can pay only with mobile payments or cards. With some newer vending machines, only a card or mobile wallet will get that cold Coca-Cola to roll down the chute.
The stance may appear un-American -- after all, currency is considered legal tender for all debts or dues -- but the Treasury permits private businesses to set their own policies, which means going cashless is fine with Uncle Sam.
"What we've seen is a push toward electric payments because of convenience, especially for Generations X and Y and onward," said Greg Burch, vice president of strategic initiatives as Ingenico Group, which makes payment systems for merchants. "The phone has become more personal than the wallet has."
... Using cards or mobile apps is increasingly popular with younger generations, but stores have good reason to like the trend, as well. Moving away from cash removes the cost of storing and transporting bills and coins, which merchants like. It also reduces the potential for physical theft.
The downsides? One is a loss of anonymity because cash allows consumers to make transactions without a paper trail.
Another negative impact is stores that refuse cash may be effectively shutting out many lower-income customers. About one out of 13 U.S. households are unbanked, which means they have don't traditional banking accounts, such as checking or savings accounts. Such families tend to be lower-income and rely on cash to make their purchases.
(Excerpt) Read more at cbsnews.com ...
I guess Amazon won't be including a built-in cash-in receptacle (like the ones they have at self-checkout stations in various stores) in their delivery drones any time soon, will they?
On the other hand, online rules should not always have to apply to in-person rules. (For example, just because people can't really kiss online, does not mean they should also not be able to kiss in person.)
Yes, and you can wash them down with endless virtual beers, or follow them up with endless virtual ice cream sundaes, and not feel the least bit guilty about it! :-)
Many stores in NYC post that there is a $10 minimum purchase if you want to use a credit card. I always wondered if that’s legal.
I don’t think cards are legal tender like cash. And the banks charge merchants to process card. They are entitled to set limits or changer more. Some gas stations charge one price for cash and another for cc.
The new diet sensation!
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