NEW JERSEY, (KYW Newsradio) — As cashless businesses become more popular throughout the country, officials in New Jersey ensure that the trend will not take hold in their state.
Assemblyman Paul Moriarty sponsored the bill that bans business from refusing to take cash from customers.
“There are lots of people that want to be able to use cash and do so every day. I think it’s discriminatory if retail establishments don’t accept cash,” he said.
Moriarty says the bill, which passed through both the Senate and Assembly with ease and got Gov. Phil Murphy’s signature earlier this week, helps fiscally poor people who do not have a bank account.
He adds it also helps out small businesses who have to pay service fees when people use credit cards at their businesses.
“One CEO of a credit card company has been on record saying that he wants to put an end to cash, and they even started giving incentives – $10,000 incentives to some retailers – to get rid of cash altogether,” he said.
The New Jersey Business and Industry Association opposed the bill, viewing it as unnecessary over-regulation.
New Jersey joins Massachusetts as the only states to ban cashless businesses.
Earlier this year, officials in Philadelphia passed a similar bill also requiring businesses to accept cash.