News in Brief

Payment Choice Act Proposed in US

A number of states and cities in the US have implemented or are considering legislation to make cash acceptance at retailers mandatory, but a bill has been put forward to make it illegal for retail businesses to reject cash for in-person consumer transaction at shops throughout the US. The bill has 28 co-sponsors drawn from both political parties.

The rationale for the Payment Choice Act 2021 is to safeguard the 55 million Americans who need cash to live day-today from being left out of the economy where cash is banned. Privacy is also cited, with recent company data breeches highlighting the need for payment choice. Finally, the US experiences a range of natural disasters each year. When disaster strikes and the power is cut, cash is needed.