Cash hasn’t been dethroned, yet.
In the age of Square, Apple Pay, and Amazon Go, buying a sandwich or beer with paper money may feel like a throwback to simpler, neolithic times. But on Feb. 27, Philadelphia mayor Jim Kenney signed into law a bill requiring that stores accept cash. So those times are guaranteed at least a temporary reprieve from an otherwise looming extinction.
That is a very good thing.
The bill, which takes effect July 1, represents the first time a major U.S. city has codified into law the requirement for most businesses to accept cash. It seeks to counter a move to cashless stores, which critics have called out as both an invasion of privacy and a form of discrimination against the poor and unbanked. Read more…
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