'The marketplace of the future must accommodate the needs of vulnerable New Yorkers,' Ritchie Torres, the bill's chief sponsor said in an emailed statement.
Fewer Americans are using dollars and cents for even the smallest purchases. While consumers used cash for 46% of purchases under $20 in 2015, they used hard currency to pay for just 37% of similarly priced items in 2019, according to the payment systems company Square.
Communities of color are particularly hard-hit. Among African American households, 16.9% nationally didn't have bank accounts in 2017, the most recent year data was available, and 14% of Latino households did not have a bank account, according to the FDIC. “Going cashless ... had the unintended consequence of excluding those who prefer to pay, or can only pay, with cash,'' the company said in a statement."Ultimately, we have realized that while being cashless has advantages, today it is not the right solution to fulfill our mission.”and its locations in San Francisco and New York City already do., which took effect in October. New Jersey began requiring businesses to accept cash in March, and San Francisco passed a similar law in May.
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