Published: July 2023

Bipartisan legislation would preserve freedom of payment choice

Coalition: Consumer Choice in Payment Coalition (CCPC)

The Consumer Choice in Payment Coalition, of which Consumer Action is a member, voiced support for legislation that would prohibit retail businesses from refusing cash payment by customers—a practice that denies equal access to unbanked consumers.

The Consumer Choice in Payment Coalition (CCPC), of which Consumer Action is a member, voiced support for the bipartisan Payment Choice Act, reintroduced by U.S. Senators Bob Menendez (D-NJ.) and Kevin Cramer (R-ND). The legislation would ensure customers have the freedom to choose how they pay for goods and services. Specifically, it would prohibit retail businesses from refusing cash payment—a practice that denies equal access to consumers who are unbanked. It would also prohibit higher prices for using cash instead of other forms of payment. The Senate version of the Payment Choice Act is a companion bill to H.R. 4128, introduced in the House of Representatives by Congressmen Donald Payne, Jr. (D-NJ-10) and John Rose (R-TN.-06). While electronic payments are most widely used, nearly 20% of all payments in the U.S. are made with cash. For the 4.5% of U.S. households who are unbanked or underbanked—most often, those in already underserved communities—cash is the only option, and these consumers should not be penalized through higher prices or excluded from fully participating in our economy.

Lead Organization

Sens. Menendez and Cramer and Reps. Rose and Payne, Jr.

More Information

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