The Payment Choice Act was recently reintroduced to congress in early July. This bill makes it unlawful for a retailer to refuse to accept cash for payment, post signs stating that cash payments are unaccepted, or charge a higher price to a customer who pays by cash. A consumer’s right to pay with cash was threatened during the pandemic as many retailers attempted to ban cash transactions due to the fear that cash could transmit the COVID-19 virus. However, this was quickly debunked by scientists, and it is important to remember the importance of cash in our society. In fact, the Diary of Consumer Payment Choice, an annual research report conducted by the Federal Reserve, has recently released findings of consumer payment behavior from 2020 and cash still accounts for 19 percent of all transaction payments, and the amount of cash carried by consumers has increased by $20 in 2020 with the average now at $74.
Guest Authored by Loomis US
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