Just this week a turn of events took place in the long debate over cashless transactional business models. First, Mercedes Benz Stadium, home of the Atlanta Falcons, announced that it is turning to a fully cashless transaction model. Stadium officials feel this will further their business at concession stands throughout the stadium, and allow the high demand of food and drink to be met in game breaks. On the other hand, the mayor of Philadelphia, Jim Kenney, signed off on new legislation that bans most retail companies from refusing to take cash.
In the case of Mercedes Benz Stadium, owners feel that going cashless will make the experience better for fans. They won’t have to wait in long lines or miss plays since there won’t be any need for counting change. All purchases will be made with a quick swipe.[REITs]
Mayor Jim Kenney says businesses need to accept cash because people of lower income, or poverty level, do not always have access to bank accounts that give them debit or credit cards.
The issue for people of lower income living in a cashless retail world needs to be solved, and Bitcoin is the solution. Bitcoin can be purchased with cash at Bitcoin ATMs around Philadelphia currently. They are not regulated by banks, so it gives this form of online payment to people who can’t open a bank account. The rise of businesses going cashless may lead to more poverty level people adopting the use of Bitcoin.
Sean Keefe, Managing Partner of Straight Up Capital, believes that cashless businesses can lead to the rise of Bitcoin.