A new legislative proposal in Ohio could significantly alter how major retailers handle cash transactions. The Currency Access to Spend Here (CASH) bill, introduced by Ohio State Representative David Thomas (R-Jefferson), aims to mandate that businesses accept cash payments for transactions up to $500. This initiative seeks to ensure that all residents have access to cash payment options, particularly as more retailers, including Walmart and Costco, transition towards card-only self-checkout systems.
Under House Bill 554, businesses and government offices would be required to provide at least one point-of-sale location for cash payments. The bill also prohibits these establishments from charging higher prices for cash transactions compared to digital payments. In a statement on October 31, Thomas emphasized the importance of cash in everyday transactions, saying, “Cash is the basis for business in America. Our taxpayers should always have the ability to use cash in their daily lives.”
This proposal emerges in response to a growing trend towards cashless operations, particularly in the retail sector. Major retailers like Target have begun to implement self-checkouts that only accept card payments. The CASH bill is designed to strike a balance between the efficiency of modern payment methods and the need for physical currency, particularly among consumers who may distrust digital payment options.
The legislative proposal is scheduled for its first hearing on November 13 in the House General Government Committee. Thomas highlighted that the bill would not impose significant burdens on businesses. For instance, he pointed out that a drugstore with five registers would only need to ensure that one register accepts cash. He believes this flexibility will help both consumers and retailers adapt to the changes without major disruptions.
The CASH bill reflects a broader conversation about the role of cash in a rapidly digitizing economy. As more consumers express concerns over privacy and security associated with digital transactions, this legislation aims to reaffirm cash as a viable payment option. “Cash is more than king; it is the basis on which our economy moves,” Thomas stated, underscoring the bill’s significance for Ohioans.
If approved, the CASH bill could serve as a template for similar legislation in other states, as the debate over cash versus digital payments continues to evolve. As retail giants adapt to changing consumer preferences, the outcome of this legislative effort may set important precedents for the future of payment options in the retail sector.
