Innovation

National coalition formed to protect cash

photo provided by iStock

May 7, 2020

In an effort to promote preserving consumer choice and freedom to pay with cash at retail businesses nationwide, several groups have come together and partnered to create The Consumer Choice in Payment Coalition according to a company press release. It consists of consumer representatives and businesses advocates, including the Consumer Federation of America and Consumer Action; manufacturers of cash-handling and processing hardware such as Hyosung USA, Genmega, Triton Systems and Diebold Nixdorf; national trade associations including the National ATM Council Inc., the National Armored Car Association, the Independent Armored Car Operators Association, the Secure Cash & Transport Association, the Amusement & Music Operators Association and Financial Service Centers of America have already signed on as members of the new coalition.

Support for offering cash as a viable payment option is already underway, and the state of New Jersey and the cities of New York, San Francisco and Philadelphia have enacted laws requiring retail providers to accept cash as a payment option. 

A top priority for the group is the support of the Payment Choice Act of 2019 (H.R. 2650), which was introduced in Congress last year by Rep. Donald M. Payne Jr. and has 38 co-sponsors including members of both political parties. The bill is ready to move through the legislative process once Capitol Hill returns to normal activities following the coronavirus pandemic. If approved, this law would allow consumers to purchase goods and services with cash payments if they choose to do so at any brick-and-mortar retail establishment nationwide. 

"We’re most encouraged to see such widespread bipartisan support for the Payne bill," Bruce Renard, executive director of coalition member the National ATM Council. "This law will establish sound and consistent guidelines to help preserve a nationwide option for consumers to pay with cash."

Cash for payment of goods and services became a key concern as the coronavirus pandemic spread across the world. There was much speculation on whether cash could spread COVID-19 through handling.

The CCPC issued a statement to refute this belief. The coalition offered current scientific information indicating that cash is as safe to use as other available payment methods such as credit or debit cards and mobile phones as long as consumers followed public health standards such as washing their hands or avoiding touching their faces.

Consumer Action, a national advocacy group, and Consumer Federation of America support the efforts of the CCPC noting that cashless enterprises lock out millions of unbanked Americans without access to any other payment options but cash.

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Hyosung Americas

Hyosung Americas is a global human experience maker that bridges the physical and virtual worlds. We do this by harnessing our unique combination of a manufacturer’s soul with an innovator’s mindset to build a platform of integrated products, services, and ideas that improve life’s day-to-day interactions for everyone.

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Triton Systems

Triton FI based products • NO Windows 10™ Upgrade • Secured locked down system that is virus/malware resistant • Flexible configurations - Drive-up and Walk-up • Triton's high security standards • NFC, anti-skim card reader, IP camera and level 1 vaults are all options • Triton Connect monitoring • Lower cost

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Diebold Nixdorf

As a global technology leader and innovative services provider, Diebold Nixdorf delivers the solutions that enable financial institutions to improve efficiencies, protect assets and better serve consumers.

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