Major Venues Punish Cash vs. Plastic Users

A curveball has been thrown to fans hoping to pay for their favorite concessions at Yankee Stadium with cash: either go cashless or pay extra. Either way, major venues punish cash vs. plastic users by charging extra. 🤷🏿‍♂️

The Wall Street Journal states that 41-year-old New Yorker Noa Khamallah learned the hard way. Khamallah was taken aback to find that his money was practically useless when he went to buy soda and snacks at a game. Instead, he was sent to a “reverse ATM,” where he put $200 but got a $196.50 debit card instead—all because he had to pay $3.50 for the “convenience” of not having to carry around cash.

Like many other New Yorkers, Khamallah expressed her shock and dismay to the media source at the recent increase in the cost of what was once a money-saving option—cash payments. 

For the simple act of spending your own money, transaction fees have risen to almost $6 in certain instances. Crazy how major venues punish cash users vs plastic. Cash will always be King to me.

The war on cash is far from finished; more and more businesses are going cashless, which means those who like cash will have to change their ways or pay more.

But why?

The ease and quickness of transactions are not the only considerations. Opponents of the change say it will hurt the vulnerable, such as the children, the old, and the impoverished, who depend on cash.

Prudence Weaver, 41, expressed her displeasure with the cost of debit card fees and said that she would prefer to have cash on hand for trips to attractions like the zoo rather than spend it on slushies at amusement parks. “While I do recognize the value of electronic payment methods, I believe they should not constitute the sole choice.”

Many Americans still prefer using cash, even if digital payments are becoming more popular. The percentage of payments made in cash decreased by 2% from 2022 to 16% in 2023, according to the Federal Reserve.

A coalition of businesses and nonprofits advocating for the continued acceptance of cash, led by executive director Jonathan Alexander, expressed their shock at the need to remind retailers that their money is U.S. currency.

Some have taken action in response to the outcry. A few states have taken a stand, like Rhode Island and Colorado, which have outright banned cashless retail stores. Legislators on Capitol Hill are kicking around proposals that would obligate companies to accept cash for sales under $500.

The war on cash continues…

Yet, it is unclear what will happen to these endeavors in the future. Meanwhile, businesses are increasingly opting out of using traditional cash transactions. As a result, companies like RedyRef are cashing in by doubling the shipments of reverse ATMs to meet demand.

The transition has been “quite radical,” according to senior vice president Will Pymm. “In the brief time we have had it, it is likely one of the largest for a particular product.”

Venues are reaping the financial benefits of these new systems while the public and corporations argue over whether or not this change is in the public’s best interest. The rising expense of going cashless is affecting average consumers, who are bearing the brunt of it in venues like stadiums and amusement parks.

Remember to bring your plastic or be ready to pay up the next time you go to a baseball game. 🤯