More businesses are moving toward cashless payment options, and some have even stopped accepting cash altogether.
But members of Congress are worried about who could be left behind in this digital transition.
Some researchers say the pandemic dramatically accelerated this cashless economy because more people were shopping online and banks were closed too.
Some financial advisors said about 7 million Americans are unbanked which means they don’t have a bank account with many of them Black and Hispanic households as well as those who are homeless.
Lawmakers say a federal requirement for businesses to use cash may not be the right solution because that could hurt companies, especially new ones.
One expert said using cash comes with increased risks like needing more security in and around businesses.
On the other hand, there’s a concern that moving toward a cashless economy could worsen disparities,
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But members of Congress are worried about who could be left behind in this digital transition.
Some researchers say the pandemic dramatically accelerated this cashless economy because more people were shopping online and banks were closed too.
Some financial advisors said about 7 million Americans are unbanked which means they don’t have a bank account with many of them Black and Hispanic households as well as those who are homeless.
Lawmakers say a federal requirement for businesses to use cash may not be the right solution because that could hurt companies, especially new ones.
One expert said using cash comes with increased risks like needing more security in and around businesses.
On the other hand, there’s a concern that moving toward a cashless economy could worsen disparities,
Read more
The Indian Digital Currency wants to put an end to Cash
