Published: Mon, March 11, 2019
Business | By Eloise Houston

Philadelphia bans cashless stores; will New York City do it next?

Philadelphia bans cashless stores; will New York City do it next?

The law takes effect July 1, and it will not apply to stores like Costco that require a membership, nor will it apply to parking garages or lots, or to hotels or rental auto companies that require a credit or debit card as security for future charges, according to the Wall Street Journal.

Siding with the critics, Philadelphia Mayor Jim Kenney signed a motion last week banning stores in the city from enacting a cashless service.

As reported, if you want to start a business that only accepts crypto in the state, the chance that it will be considered as an illegal store may occur due to the law.

Philadelphia stores and restaurants can no longer require cashless payments starting July 1, thanks to new legislation that aims to ensure all citizens have equal access to the marketplace. Some transactions are reportedly exempt: parking lots, garages, businesses that offer memberships, rentals with security deposits, electronic transactions and goods sold only to staff. On the 15 of February 2019, the city council of Philadelphia passed a bill in favor of banning stores that refuse to take payments in cash. This has somewhat opened the door for other payments apart from cash, such as Bitcoin or other cryptocurrency alternatives, although transfer time still remains an issue. "Nearly 10% of Philly residents do not have credit", he wrote. Lawmakers in New York City and New Jersey are considering similar measures. Greenlee also said that local stores will now be required "to do what businesses have been doing since Ben Franklin was walking the streets of Philadelphia".

In fact, the whole point of Amazon Go, the chain's tech-powered cashierless convenience store, is that there's no need to pay a cashier.

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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