We won't be cashless anytime soon

We're not exactly a "cashless society" yet, but more retailers are insisting you pay with a card. Most say the idea is to reduce theft and cut costs.

At Houston tailor, Indochino, showroom manager Ashley Lundahl says they're pretty high tech.

"We do everything on iPads; all of our style guides do all measurements, all customizations and the checkout process on an iPad."

Bankrate.com's Greg McBride says it's easier and cheaper for many retailers to go cashless.

"The interchange fees they pay on a credit or debit card is a much lower cost than they have to pay when they have to carry cash, stock cash, count cash, take it to the bank -- all that stuff."

But McBride says this isn't coming to Wal-Mart anytime soon; this will be a primarily upscale retail trend.

"Personally, I welcome the move away from cash; it's a lot more efficient and easy when you don't have to worry about spare change or go to the ATM to make sure you've got enough cash."

Lundahl says Indochino has never taken cash.

"Our company started online and once we started opening showrooms that was just the standard, they we don't take cash because we don't have registers or anything like that."

Some of the other retailers that don't take cash include Bonobos, Everlane and Reformation; Amazon bookstores; Casper Mattress; Drybar hair styling; The Bar Method fitness studios; and United and Delta airlines.

Sponsored Content

Sponsored Content