Independent Banker - November 2020 - 67
for industry relations at ICBA Bancard,
has noticed other emerging trends. For
example, Walmart is experimenting
with payments using QR codes, as are
other retailers, she says. She also sees
increased usage of digital wallets and
payments services like Apple Pay, Square
and Venmo. In light of the pandemic,
consumers are turning to e-commerce
to make purchases and show a clear
preference for contactless payments over
other forms of payment.
The downsides
of a cashless
Another trend is a decrease in the level
of cash utilization and an increase in
card-not-present transactions. With stores
shut down or operating with reduced
capacities due to COVID-19, more
consumers are shopping online. Also on
the rise is the number of people making
online purchases and driving to brick-andmortar
stores to pick them up.
However, this move away from
cash has raised concerns among some
consumer advocacy groups, businesses
and individuals. (See " The downsides of a
cashless society, " right.) Phillips says when
you eliminate cash, you disadvantage
large segments of society, many of whom
are low-wage earners, people of color,
underbanked or unbanked, according to
Pew Research Center. " ICBA's position has
always been around choice, " Phillips adds.
" From that perspective, and the fact that
inclusion is such a big issue these days, let
consumers pay the way they want to pay. "
That's why groups like the Consumer
Choice in Payment Coalition (CCPC)
support legislation protecting the right to
use cash. Two bills are currently before
the House and Senate on this issue.
The Payment Choice Act of 2019 (H.R.
2650) would ban retail cashless policies
and maintain U.S. currency as a viable
means of payment while also maintaining
traditional noncash payments. S.B.
4145, introduced by Sen. Bob Menendez
(D-N.J.) and Sen. Kevin Cramer (R-N.D.),
is its companion bill in the Senate.
If passed, these bills would preserve
the rights of Americans to use cash at
their discretion.
Another side effect of the shift away
from cash and toward online shopping
society
Amid debates over the safety of cash
during the pandemic, consumer interest
groups and businesses have banded
together to form the Consumer Choice in
Payment Coalition (CCPC). The coalition,
which includes organizations like the
NAACP, advocates for the continued
availability of cash as a payment option.
" To eliminate cash for the speed
of transaction or interchange fees is
incredibly short-sighted and devastating
for many industries and would further
marginalize the most vulnerable
consumers, " says Jon Alexander, executive
director of the CCPC. " There are whole
industries that revolve around cash. The
unintended consequences would be
horrendous for millions of people. "
Privacy is another concern. Many people
value the anonymity of cash, and using
electronic forms of payments would
expose them to the risk of data breaches.
Many people also want to avoid debt and
high-interest fees.
" Once cash goes away, the nation's
economic underclasses take on heavier
burdens and have limited choices, "
Alexander says.
A Federal Reserve report on unbanked
consumers found that nearly a quarter of
Americans are unbanked or underbanked:
" The unbanked and underbanked were
more likely to have low income, have
less education or be in a racial or ethnic
minority group; 14% of those with incomes
below $40,000 were unbanked, versus 1%
of those with incomes over that threshold.
Additionally, 14% of Black adults and 10%
of Hispanic adults were unbanked, versus
6% of adults overall, " the report said.
" Cashlessness unfairly disadvantages
people who are unbanked and
underbanked, " says Susan Grant, director
of consumer protection and privacy for the
Consumer Federation of America. " This is a
time when low-income populations, racial
and economic segments, unemployed and
underemployed are having difficulties. "
independentbanker.org Q 65
http://www.independentbanker.org
Independent Banker - November 2020
Table of Contents for the Digital Edition of Independent Banker - November 2020
Table of Contents
Independent Banker - November 2020 - Intro
Independent Banker - November 2020 - Cover1
Independent Banker - November 2020 - Cover2
Independent Banker - November 2020 - Table of Contents
Independent Banker - November 2020 - 2
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Independent Banker - November 2020 - Cover3
Independent Banker - November 2020 - Cover4
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