Published: Mon, March 11, 2019
Money | By Ralph Mccoy

Philadelphia Bans Cashless Stores; May Threaten Crypto Industry

Philadelphia Bans Cashless Stores; May Threaten Crypto Industry

Stores in Philadelphia that do not accept cash will be fined when a new law takes effect this summer.

Philadelphia Mayor Jim Kenney has signed off on a new law that will make the city the first in the United States to ban cashless stores. However, businesses like parking garages or lots, hotel accommodations, rental auto companies and Costco- that requires an online payment for membership, would be exempted from the said law due to the security for their financial charges on their customers.

MA requires all stores to accept cash, while New Jersey has taken a further step by banning cashless stores altogether in an attempt to keep cash in circulation and retain paying cash as a service to those who have no other means of payment.

The city of Philadelphia has become the first major USA city to officially require most businesses to accept the legal tender.

MA has already banned stores from rejecting cash as payment.

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Almost 6 percent of residents in the Philadelphia region do not have access to credit or bank accounts in 2017 and roughly 22 percent were considered "underbanked", according to the Federal Deposit Insurance Corporation. Lawmakers in New York City and New Jersey are considering similar measures.

Coffee shop Bluestone Lane and popular salad chain Sweetgreen are among the stores now operating in the city that will need to adjust their cashless policies if they want to continue doing business in Philadelphia.

According to the Inquirer, Amazon is concerned it won't be able to open Amazon Go stores in Philadelphia since customers pay for items through an online account after leaving the store.

City spokesman Mike Dunn confirmed Amazon told the city the legislation would "impede" plans for a Go store.

Although the debate is still ongoing with the terms on the new law, one major company found this as an unfair process since their business were all out cashless and queue-less.

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