US

The U.S. penny, a symbol of American commerce since 1793, is disappearing amid unprecedented turmoil. The Treasury’s decision earlier this year to halt penny production, driven by cost-saving measures has left retailers, consumers, and policymakers scrambling.

The U.S. Department of Justice is accusing Visa of stifling competition and inflating merchant fees. The lawsuit emphasizes the importance of cash as a mainstream payment method to ensure competition, affordability, privacy, and resilience in the payments landscape.

Elsewhere on the Web provides updates and links to articles related to cash, money and payments curated on the web.

Visa and Mastercard will pay $197 million to settle a case brought by millions of consumers who withdrew cash from ATMs and accused the companies of anti-competitive behaviour.

U.S. consumers paid credit card issuers $130 billion in interest and fees in 2022. In March, the Biden Administration curbed excessive credit card late fees.

In August, wildfires caused widespread devastation, electricity, and connectivity outages on the Hawaiian island of Maui. Cash was crucial in providing aid to survivors.

Financial exclusion is not limited to developing countries or low-income migrants. It also applies to those who move overseas, including in developed countries.

Paying taxes in cash is arduous, time-consuming and discouraged, but it is possible. For the unbanked, alternative ways to pay are costly.

According to the FDIC, nearly 4.5% of U.S. households were unbanked in 2021. No federal statute mandates the acceptance of cash in U.S. retail payments.

Thieves steal funds via payment apps using their victims’ iPhone passcodes or the smartphones’ facial recognition technology.

The Covid-19 pandemic caused disruptions in coin circulation in the United States. The U.S. Mint has increased its production since then, but the coinage denomination might need to change.

Banks are closing 24-hour ATMs early in New York City for “safety and security” reasons. The Metropolitan Transportation Authority expects the OMNY contactless payment solution will reduce the amount of cash it gets from riders.