Payments

Payment Choice Act seeks to protect cash payments

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July 26, 2021

U.S. Rep. Donald M. Payne, Jr. of New Jersey has introduced a bill to protect American currency as a form of payment for goods and services, according to a press release.

The bill, the Payment Choice Act, would make it illegal for retail businesses to reject cash for in-person, consumer transactions at stores across the country. The bipartisan bill has 28 co-sponsors.

"There are too many stores and businesses that want to reject American cash in favor of digital payments," Payne said in the press release. "But cash is the only option available for millions of Americans to pay for food, housing and other essentials."

The 55 million Americans who lack a bank account or credit card would be left out of the economy completely if cash is banned, according to Payne.

Payne said he also has concerns about the safety and privacy of the data that companies are collecting from consumers during routine purchases.

In addition, cash is the only way to pay for items during a natural disaster. If a hurricane or other catastrophe were to knock out a power grid anywhere in the country, Americans would not be able to pay for critical, life-saving supplies to protect them and their families, according to Payne.