Coffee shop becomes first to go cashless

An Irish coffee shop has become the first in the country to be go entirely cashless, as the increasingly popular concept grows this side of the pond.

Bear Market Coffee will now officially stop accepting any cash payments, and thanks to a partnership with Magnet Networks, customers can pre-order their coffees via an app.

The store’s owners Ruth and Stephen Deasy reportedly made the decision to go cashless after visiting a cashless store in New York, and soon discovered that 80 per cent of their purchases were already made digitally.

Cashless stores are becoming increasingly popular in the US, but are yet to be widely embraced here in the UK.

However in last month Philadelphia passed law effectively banning cashless stores, presenting a major hurdle for the emerging format.

On July 1 almost all businesses in the city will be required by law to accept cash payments and any retailers who fail to accept cash after July 1 could face a fine of up to $2000.

READ MORE: Cashless stores banned in Philadelphia

This follows news in February legislators in New Jersey passed a similar bill banning cashless stores across the entire state.

The pushback from legislators is due to concerns cashless stores unfairly discriminate against socioeconomic classes that do not have access to bank accounts and seniors who only use cash.

When the bill was first announced, major retailers like Amazon and Walmart expressed their opposition to the bill, temporarily delaying it.

In the US, cash payments are still the preferred method of payment representing 31 per cent of all transactions.

This compares to the UK where cards were used for three out of every four transactions, and cash was used for just 22 per cent.

Click here to sign up to Charged‘s free daily email newsletter

 

Leave a Reply

Your email address will not be published. Required fields are marked *