In Sweden, merchants can refuse to accept cash if they want to. As seen here Sweden is predicting the future of society as cashless. So, it’s a worldwide trend, and there are countries with policies in place already that are encouraging a move from cash to all digital money, such as Sweden. Where I live, my bank has refused to handle cash transactions at most branches for years now. If you want to make a cash deposit, you have to use the ATM. I think where I live it’s not really possible for merchants to refuse cash because they get charged fees for accepting credit cards. They don’t want you to scan your card for a purchase below 5 or sometimes 7 bucks. But, restricting cash circulation is a way to control tax fraud, so I’m sure a lot of governments will be looking for ways to make policies that discourage the use of cash. I think the major problem is going to be for the small mom and pop stores and businesses. To accept cards they have to pay fees that are still too expensive. It’s not fair to them if the banks aren’t going to find a way to lower fees for Visa, MC, etc.
I’d be more open to a cashless society if (at least in America) that didn’t mean relying entirely on private credit card companies that offer effectively zero protection under the law.
That is a secondary concern for me, although I think it’s an important point to bring up. I’m more worried about people who open their small shop and can’t afford to accept cards as payment. People are making purchases with a card that 20 years ago I wouldn’t have even thought of doing, such as buying a can of soda and only a can of soda, which can amount to under a dollar (or under a euro). More and more often I see people trying to pay with a card and the person at the register says, “you need to spend 1 euro more if you want to use your card.” What would happen to these small businesses if they didn’t have the option to demand cash for purchases under a certain amount? They would drown in fees. The merchant has to pay for being able accept cards. A big company can afford it. A small rinky-dink shop can’t right now. This would mean, what? The need for subsidies for small businesses so they can accept cards? In the USA (where I’m from) I don’t see that happening. In Europe (where I live) I see that type of policy - which would totally happen, unlike in the USA where maybe not depending on the state you’re in - having a time limit on it, like so many other subsidies for small businesses here. Typical subsidy for small business would be like, “for the first five years you are open, and only on your first business” or “for small business owners 40 years old or younger for the first five years.” Yes, age discrimination in Europe, or what we Americans would call age discrimination, is rampant. Anyway, a cashless society would give preference to big retail corporations and corporate restaurant chains, making small business retail and hospitality all the more difficult to keep open.
