2 PAYMENT METHOD PROFILES: CASH
3. Laissez-Faire Approach The United States has very much adopted a “hands-off” approach to cash acceptance, meaning that cash acceptance is not mandatory for merchants at a Federal level, and there is no government-led plan for a cashless society. However, there are state-level and local-level cash acceptance requirements. 132 Merchants are also free to discount cash transactions as part of the Durbin amendment since 2011, although there are state-level restrictions on surcharging other payment methods such as card. 133 4. Mixed Approach In recent years, we have observed regulatory approaches both encouraging and discouraging cash usage in Europe. At the EU level, a cash payment upper limit of 10,000 Euros is set to be imposed in 2027. 134 However, at a Member State level, we have seen several EU countries mandate cash acceptance, including Germany, Italy and Spain. 135 We’ve also seen countries change approach. For example, Norway and Sweden, which are among the most cashless countries in the world, have both seen their authorities backpedaling on cashless advances after concerns of digital payments systems being susceptible to Russian security threats. 136, 137
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