Source: Payment Source
“Banks, retailers and technology companies [and governments] have spent years relentlessly working to replace cash with plastic, digital or mobile alternatives. And cash has hit back hard. In China, which has the most residents paying via mobile wallets, the government has cracked down on merchants that won’t accept cash. In the U.S., the New York City Council will conduct hearings next month on a bill that would ban restaurants and retailers from not accepting cash….Stores that ban cash say it cuts costs and improves employee safety, but the trade-offs may not be worth it; Shake Shack, for example, abandoned plans for fully cashless locations last year shortly after testing the policy at one location….’The market will drive the results on cash,’ said Richard Oglesby, president of AZ Payments Group and a senior analyst at Double Diamond Payments Research. ‘The government and/or payment processors can do all they want to try to get rid of cash, but lots of people still really like it and will continue to use it.’ Because of that, truly cashless stores ‘will be the exception to the rule,’ Oglesby said….Cash may not be at risk of disappearing on a global scale, but there are some niches and demographics where it hasn’t fared as well. Unsurprisingly, younger tech-savvy consumers are among those most comfortable with digital payments….’The shift to a cashless society is imminent, and we have the mobile generation of millennials and Gen Z’s dubbed as those ‘transforming the way we bank’ to thank for that,’ said Steve Villegas, vice president of partner management for U.K.-based PPRO.”
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