Quinn points out cash also offers advantages to businesses, serving as an alternative and competitor to card companies that charge transaction fees which eat into profit margin, encouraging many small and medium businesses to pass the expense on to customers in the form of higher prices. A growing number of US businesses are even incentivising cash payments by offering discounts to people using physical money.
The Alliance says its top priority is securing payment choice and to guarantee banks and other financial services recognise and act upon the responsibility they have to serving and supporting everyone. It also believes ‘people should be able to do more with their cash’ and is seeking technology innovations within the industry to ‘give everyone opportunities to use their cash when they choose.’
Quinn is optimistic about the possibility of a payment choice act being introduced, saying it ‘would be very simple and short in terms of legislation’ and ‘a really easy win—something that will not cost the government money.’ In the meantime, he encourages everyone to hold businesses to account when they refuse cash.
