Running a physical business is always a complex undertaking. Especially in New York City, now that cashless payments have been banned completely.
This news is rather surprising, as it has seemingly come out of the blue.
Cash Remains King in New York City
A legislative proposal to for businesses to accept cash was introduced a while ago.
No one really expected it to pass the City Council’s vote, however.
Last Thursday, the NYC City Council suddenly decided to approve this proposal.
It is evident that the use of cash will not go away anytime soon.
This is despite both governments and central banks pushing hard to achieve the completely opposite effect.
Cashless businesses are plentiful in New York City.
However, for various restaurants and other retailers, not being able to accept cash has become a hindrance.
Statistics indicate that 25% of NYC residents still pay in cash.
This is either due to a lack of banking services, or not being part of the financial ecosystem at all.
Leaving those individuals to fend for themselves is not something the city should applaud.
Even Mayor Bill de Blasio approved the bill and expects it to go into effect this year.
For cashless-oriented companies, this is a big blow, albeit one that was somewhat expected.
Anyone violating the bill will face a fine of up to $1,000.