• A bill that would ban most physical businesses from refusing cash payments has passed its first Senate stop. The bill, sponsored by Democratic Sen. Shevrin Jones, aims to help seniors and minorities who may not have access to electronic payments.
• If passed, the bill would require businesses that offer in-person sales and services to accept cash and provide change without charging a fee. It would not apply to sales made over the phone, by mail, or the internet. Certain businesses and transactions would be exempt.
• Businesses that violate the measure could face fines ranging from $2,500 for the first offense to up to $10,000 for subsequent offenses. The Florida Department of Agriculture and Consumer Services would assess whether further punitive measures are needed.
• The Pew Research Center found that lower-income Americans are four times more likely to make all or almost all of their purchases in cash. Black consumers were found to be more reliant on cash than White and Hispanic shoppers.
• A 2022 survey by Thryv and Payments Dive found that 68% of millennials and 71% of Gen Z shoppers prefer to avoid using cash. However, less than a quarter of respondents aged 50 and older said they made no weekly purchases with cash.