Overview
- The Payment Choice Act was introduced July 17 by Sens. John Fetterman and Kevin Cramer to compel in-person retailers to accept cash for purchases up to $500 each.
- Retailers may refuse cash if they offer a fee-free cash-to-prepaid-card conversion device, experience system failures, or lack sufficient change.
- The bill waives requirements to accept $50 bills and higher for five years while mandating acceptance of $1, $5, $10 and $20 notes upon enactment.
- Supporters say the legislation will preserve consumer payment choice for about 20% of transactions still made in cash and aid millions of unbanked or underbanked Americans.
- After formal filing and press releases outlining its provisions, the act now advances to Senate committee review before potential floor consideration.