Cash

The Trump administration plans to stop minting the one-cent coins early next year. Here are the potential consequences that banks and credit unions should prepare for.

The pending law, which has passed the Assembly and Senate, prohibits food and retail stores from refusing to accept cash payments. Cashless establishments have been prohibited in New York City since 2020.

Myriad payment innovations are cutting into old-school cash payments, changing how funds are accessed, spent and received for purposes ranging from in-store payments to accessing disaster recovery funds. Will these changes bring new communities into banking, or will it leave them behind?

The Consumer Financial Protection Bureau said charges for cash-back services are contributing to the lack of access to finance in underserved areas.

The ability to make cash transactions is vital to some Americans, and when technology fails us, it can be a lifeline for all Americans. We need to preserve it.

U.K. banks are testing machines that can accept deposits from multiple machines.

In the U.S., the COVID-19 pandemic and other factors caused a sharp reduction in cash use. But with paper bills still accounting for nearly a fifth of all payments, the option is still far too entrenched to risk extinction.

This week in global news, Mastercard teams with SimpliFi in the Middle East, Venezuela and Russia collaborate on payments, Alipay backs Asian Games and more. 

Bank robberies are becoming a thing of the past in cashless Denmark as the Nordic country recorded its first year of zero holdups in 2022.

Treasury Secretary Janet Yellen hailed the work done by women in her department as she unveiled the first U.S. banknotes bearing the signature of a female secretary.