CASHLESS STORES

Amazon, Walmart delay New Jersey bill that would ban cashless stores

http://www2.philly.com/philly/business/consumer_news/amazon-walmart-cashless-business-new-jersey-bill-20180917.html

Many businesses would prefer not to deal with cash, as there are risks associated. For instance, the cost of controlling the chain of custody of the cash and security risks with being a cash heavy business. If the owner can profitably reduce its cash dependence for a fee, he/she would. But, cashless businesses are less able to hide revenue from authorities, as the business model provides convenient paper trails.

There really is not a regulatory concern, at this point, for cashless businesses. Understandably, the backers of the bill are concerned with access for poor and elderly consumers, who deal only cash. Many local business owners seek to avoid fees associated with non-cash payments options, which will always be around for these consumer groups.

There probably is a reason why 48 of the 49 states had better things to do since 1979, when Massachusetts enacted a cashless ban. If you truly want to help the poor or elders, find efficients ways to expand access to credit markets or banks. But, this probably is not really about the poor or elderly.

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