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It is hypocrisy to a certain extent. Cash only works because people accept it. It depends upon enough people accepting it, because only then enough of physical
by Slartie 7y ago
It is hypocrisy to a certain extent. Cash only works because people accept it. It depends upon enough people accepting it, because only then enough of physical cash will circulate in order to make maintaining all the infrastructure (printing it, putting ATMs up, offering cash handling for merchants etc.) cost-effective enough for it to be done.
If suddenly 95% of cash acceptance was dropped, a lot of that infrastructure will vanish, forcing the remaining 5% to drop cash acceptance as well...a death spiral, ultimately ending with the elimination of cash and thus also the elimination of the very fallback that these stores mentioned by the OP relied upon.
Consider the cost of accepting cash an insurance premium against technical failures in the electronic payment networks and your POS systems.