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Stores Turning Down Cash

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Moneyby Jay Zagorsky, The Conversation

We’ve been talking about society’s transition to a cashless society for a long time, but it begs an important question: Can stores and other retail establishments refuse to take your dollars and cents?

As odd as it sounds, this is not hypothetical anymore as a small number of stores and industries have stopped accepting cash and allow payment only by credit card, debit card or via a smartphone app.

Sweetgreen, a high-end salad restaurant, stopped accepting cash in its New York City stores in January. A Boston restaurant near Fenway Park went cashless this past December. Most airlines stopped taking cash for in-flight purchases of food and beverages around 2010.

While the trend of smaller stores refusing to accept credit cards because of the high fees is more well-established, the opposite trend of refusing to take cash hasn’t been as well-explored. Let’s examine why they do it and if they can get away with it.

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© 2016 The Conversation USA, Inc

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