Title : America moves closer to being a cashless society
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America moves closer to being a cashless society
If you want to buy a beer at Flatstick pub in Seattle, don’t whip out a $10 bill to pay—you’ll walk away thirsty. Flatstick, a hot new mini-chain in the Pacific Northwest, doesn’t take cash. Neither does Bluestone Lane, a coffee chain with locations in New York, Philly and D.C. Patrons there have to pay with plastic or an app called LevelUp. Want to grab a Sweetgreen salad for lunch with cash? No can-do at many locations.Cashless commerce is popping up around the country, particularly in restaurants catering to a younger crowd, which is likely to leave home without any greenbacks, or even a wallet, and instead choose to live life with a smartphone and a few credit or debit cards attached.
Businesses who’ve gone cashless rave about the results. Flatstick owner Sam Largent told me plastic-only reduces error rates during times of complex accounting, such as calculating tips when shifts change.
Cash sure seems to be on the ropes. The dollar value of cash transactions sank 7% from 2010 to 2015, according to The Nilson Report, while credit and debit card payments rose nearly 50%. Meanwhile, ATMs, which had their 50th birthday last year, are disappearing around the block and around the world, signaling the decline of the “cash run.” READ MORE
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