Economy

Sorry Amazon: Philadelphia bans cashless stores

Sorry Amazon: Philadelphia bans cashless stores”

Cities have faced growing criticism over the number of retail stores that have eliminated the option to pay with cash, instead requiring a mobile or card transaction. As explained by one of the top officials in the state's Chamber of Commerce, the unwillingness of Philadephia to participate on cashless stores may bring the state into severe damage as development would be delayed for their place when in talks with technology and advanced business.

Starting in July, Philadelphia's new law will require most retail stores to accept cash. Some transactions are reportedly exempt: parking lots, garages, businesses that offer memberships, rentals with security deposits, electronic transactions and goods sold only to staff. 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. Philadelphia Councilman Bill Greenlee, who introduced the bill, said in a Tweet that almost 10% of Philly residents lack access to any credit. "It just seemed to me, if not intentional, at least a form of discrimination", Philadelphia City Councilman William Greenlee told the Wall Street Journal.

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.

The Philadelphia law also prohibits establishments from charging customers more if they pay in cash, and from posting signs that indicate cash will not be accepted. The company reportedly plans to open up to 3,000 of these stores throughout the USA over the next few years.

Stores that do not accept cash are on the rise, from quick-service lunch spots to Amazon's Go stores. If business owners violate the rules, they face up to a $2,000 fine. You don't need a paid Prime membership to shop at Amazon's Go stores - only an Amazon account - eliminating the potential for a loophole.



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