How COVID-19 is accelerating the shift to a cashless society

PHILADELPHIA — Tom Ivory, the founder of the Baker Street Bread Co. in Philadelphia’s Chestnut Hill section, fought a valiant effort for years to rein in bank fees by imposing a minimum credit card purchase of $10. But more customers wanted to go cashless, and Ivory eventually relented and accepted plastic for any transaction, no matter how small.About 78% of the purchases at the cafe and store are now paid through credit cards or other electronic transfer — up from 10% just five years ago.“You have to keep up with technology,” Ivory said. “To operate as just a cash business today is a suicide…

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