Headlines

Cashless Stores Banned in New York City

The initial fee for violations is $1000

Published

4 years ago

January 27, 2020

VMSD Staff

A new bill passed by the New York City Council prohibits retail and food establishments from refusing cash or charging fees for cash-paying customers.

This bill fines up to $1000 for the initial violation and up to $1500 for any violations that follow, according to Retail Dive.

Cashless stores are said to exclude customers that are unbanked, which makes up about 12 percent of New York City’s population.

Philadelphia, New Jersey and San Francisco passed similar bans in 2019 while Chicago and Washington, D.C., and considering similar policies.

“The growing trend among local governments to ban cashless locations could slow the trajectory of the global movement toward digital payments. Within the next decade, one in 10 transactions are expected to be made with cash,” reports Retail Dive.

MasterClass: ‘Re-Sparkling’ Retail: Using Store Design to Build Trust, Faith and Brand Loyalty

HOW CAN WE EMPOWER and inspire senior leaders to see design as an investment for future retail growth? This session, led by retail design expert Ian Johnston from Quinine Design, explores how physical stores remain unmatched in the ability to build trust, faith, and loyalty with your customers, ultimately driving shareholder value.

Presented by:
Ian Johnston
Founder and Creative Director, Quinine Design