Philly officially bans cashless stores

On Tuesday, Philadelphia became the first major U.S. city to officially ban cashless stores. 

The bill was initially planned to go into action earlier this summer, but it was delayed until this week. It was postponed to allow businesses time to comply with the law. 

The bill prevents retail spots for refusing cash. However, this bill does not include internet transactions, parking garages, and wholesale clubs that run on membership fees. 

The ban also prevents folks from charging people who use cash a higher price than card users. 

Although Philly has reached a new low in poverty rates, there are still a lot of residents who are unable to get credit cards due to their finances. Poverty rates within Philadelphia have dropped to 24.5 percent, which is the lowest since 2008. 

A reported 8 million Americans don’t have bank accounts.

Opponents argue that by only using cards and apps, cashless shops are narrowing their customer base. Additionally, they are alienating the poor, the elderly, and others who are lacking access to banks and credit. 

On the flip side, some business owners believe that going cashless can help increase safety and reduces theft since employees are not handling the cash. 

It was reported that if business do not accept cash, they can be fined up to $2,000.  

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