Some merchants such as SweetGreen, a salad chain, refuse to open their registers for cash, telling customers they can pay only with mobile payments or cards. "What we've seen is a push toward electric payments because of convenience, especially for Generations X and Y and onward," said Greg Burch, vice president of strategic initiatives as Ingenico Group, which makes payment systems for merchants. "The phone has become more personal than the wallet has."
The downsides? One is a loss of anonymity because cash allows consumers to make transactions without a paper trail.
While federal law allows merchants to set their own rules about which types of payments to accept, at least one state makes it illegal to refuse cash: Massachusetts.
CBS NEWS
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