Tags: Financial Markets | Money | cashless | business | credit card | cryptocurrency

Cashless Businesses Becoming More Common

Cashless Businesses Becoming More Common
Ursula Anderman teaches New York pedestrians how to use Apple Pay, as part of a Visa/Chase promotion, Oct. 20, 2014 in New York. (Bryan Thomas/Getty Images)

By    |   Monday, 25 December 2017 09:08 PM

The almighty dollar might be losing its muscle.

Cashless businesses are no longer an isolated phenomenon at a slew of small businesses and eateries in neighborhoods across New York City, The New York Times reported.

And in Chicago, the Salvation Army is considering accepting credit or debit cards next year, as it continues to look for ways to keep up with cashless trends, an NBC News affiliate reported.

"As we move to a cashless society, that gets harder; and we need an innovative way to make it just as seamless," John List, chairman of the economics department at the University of Chicago, who has studied charitable giving, told NBC Chicago.

Credit card companies that make a commission on every transaction applaud the trend — with Visa recently offering merchants a $10,000 reward for restricting customers to credit cards, the Times reported.

At Dos Toros, a Mexican chain in the process of going cashless at its 13 New York City locations, the co-chief executive Leo Kremer told the Times cash took up precious time of the general manager of the location, who spent a couple of hours a day counting cash drawers, taking them away from other restaurant work.

"There's something fundamentally demoralizing when you have the leader of the restaurant back in the office, counting, instead of out on the floor," he told the Times.

The Federal Reserve's website says there is no federal law compelling a business "to accept currency or coins as payment for goods or services," the Times reported.

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Cashless transactions and businesses are becoming more common, pointing to a potential loss of muscle for the all-mighty dollar, according to The New York Times.
cashless, business, credit card, cryptocurrency
Monday, 25 December 2017 09:08 PM
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