A 2022 Pew Research study shows 41% of adults in the U.S. don’t use cash for any of their purchases in a typical week.
Now more and more businesses are requiring people to pay using only their phones, debit or credit cards. It’s a trend that gained momentum during the COVID-19 pandemic.
But state Rep. Joel Rudman, (R) Navarre, wants to make sure cash is still king. He is sponsoring a bill in 2024 that would require Florida businesses to accept cash.
“If someone owes you $10 and they come in with a $10 bill, by God you should take it,” Rudman said.
The Federal Reserve says ATM withdrawals dropped substantially from 2018 to 2021. During the same time, the number of cashless payments jumped by more than 30 billion transactions.
Tropicana Field and AMALIE Arena in Tampa are both cashless facilities, something Rudman said he was surprised to see.
“If I have the cash in my wallet to cover the cost of that meal, to cover the cost of that purchase, I expect that business to accept legal tender for all debts public and private,” he said.
The Federal Reserve data shows most cashless payments are on credit cards, which accounted for 84% of the growth of cashless payments. Rudman said he’s afraid people who only use cash will be left out.
“We’re going cut out significant segments of our society if we follow such a policy,” Rudman said.
The Federal Reserve said a private business can refuse to accept cash since there isn’t a federal law requiring it. It said states are allowed to pass laws to do so. Miami-Dade County has an ordinance requiring businesses to take cash.
There were similar bills filed before, but they didn’t get a hearing.