December 7, 2024
The New York Times recently published an article featuring Jay Zagorsky, Clinical Associate Professor of Markets, Public Policy, and Law, discussing how cashless policies can have negative impacts.
Many businesses, like Devil Dawgs and Hill Farmstead Brewery, have gone cashless for convenience and security, but these policies disadvantage low-income individuals, the elderly, and those without bank access. Cashless systems are also vulnerable to fraud and disasters. In response, some cities and states have passed laws requiring cash acceptance, and the Payment Choice Act seeks to ensure cash remains an option.
“We’re seeing an increase in major natural weather disasters, and they take down the cashless society. It depends on electricity, telecommunication networks and secure computer networks,” Zagorsky adds.
Despite resistance from financial institutions, advocates are pushing for legislation to preserve the right to pay with cash.
