As cashless retail expands, critics say trend excludes those who lack bank accounts GlobeBusiness
In this Jan. 22, 2018, file photo, a customer looks around an Amazon Go store, where sensors and cameras are part of a system used to tell what people have purchased and charge their Amazon account.So he was surprised to learn the dollar bills in his pocket were no good at Dos Toros Taqueria in Manhattan, one of a small but growing number of establishments across the U.S. where customers can only pay by card or smartphone.
“The potential societal cost of a cashless economy I think outweighs the potential benefits for businesses,” said Ritchie Torres, a New York City councilman for the South Bronx who introduced the bill. Figueroa is among the much larger group considered “underbanked,” meaning they have a primary bank account but regularly rely on alternative financial services like check-cashers. More than 24 million U.S. households are underbanked, according to the FDIC.
Leo Kremer, co-owner of Dos Toros, the taqueria where Figueroa tried to use cash, said the volume of cash transactions at his stores fell from about 50 per cent a decade ago to 15 per cent last year. That made the cost and logistics of handling cash especially onerous. Before going cashless, Dos Toros locations were robbed twice.“There are no bad guys on this issue. Everyone is trying to do the right thing and make sure there are no unintended consequences,” he said.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Scotiabank CEO says bank’s mortgage portfolio offers ‘buffer’ against downturnBrian Porter told reporters that while it is not predicting a recession, the Toronto-based bank is ‘downturn ready’
Read more »
Venezuela removed eight tonnes of gold from the central bank’s vaults, sources sayWith sanctions imposed by Washington choking off revenues from exports by state oil company PDVSA, Maduro’s administration has turned to sales of Venezuela’s substantial gold reserves as one of the only sources of foreign currency
Read more »
Airbnb says it won’t implement a planned delisting of Israeli settlements in the West BankThe company said it would donate proceeds from any bookings in the territory to international humanitarian aid organizations
Read more »
Why Flames' lack of playoff experience gives Avalanche slight series edge - Sportsnet.caAlmost half of the Flames roster is about to embark on their very first playoff experience. Eight starters. The number is startling, especially when you consider their first-round opponent won’t dress a single playoff newbie. Advantage Avs.
Read more »
Flames not listening to outside noise about pressure and lack of experienceThe Flames may not have a clear-cut No. 1 goaltender or the most playoff experience but it's not something the team is worried about, and they're also not concerning themselves with the doubt from outsiders when it comes to living up to being a No. 1 seed. Jermain Franklin has more.
Read more »
Office co-working giant WeWork expanding to two new locations in BurnabyGlobally, WeWork has 425 locations in 100 cities and 27 countries, with more than 400,000 members.
Read more »
Farmers demand strong political response to expanding trade obstacles for CanadaCiting concerns about pests, China has rejected canola-seed imports from Canada and has suspended the licences of two major Canadian exporters.
Read more »
Jets not lacking confidence heading into Game 2It wasn't the result they were looking for, but the Jets haven't lost any confidence following their Game 1 loss to the Blues. Sara Orlesky has more on how the Jets are moving forward.
Read more »
B.C. tables legislation to expand occupational health coverage to wildfire fightersProvincial Labour Minister proposes amendments to the Workers Compensation Act to extend disease and mental-health benefits to more people who work around fires
Read more »