WEBVTT

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THE ILLINOIS TOLLWAY WILL NO

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LONGER ACCEPT CASH TOLLS MAKING

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PERMANENT A CHANGE IT ROLLED OUT

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EARLY IN THE PANDEMIC.

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THE SYSTEM SAYS THE VAST

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MAJORITY OF DRIVERS USE I PASS

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OR EZ PASS TO PAY AND IT IS

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EXPANDING A PROGRAM TO HELP LOW

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INCOME PEOPLE THEY TOLLS WOULD.

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LOWER INCOME PEOPLE AND PEOPLE

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OF COLOR BE SHUTOUT FROM THE

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ECONOMY?

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OR DO CASH FREE TRANSACTIONS

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BENEFIT BUSINESSES AND

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CONSUMERS?

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JOINING US IS HORACIO MENDEZ

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C.E.O. OF THE WOODSTOCK

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INSTITUTE THANK YOU FOR JOINING

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US.

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WHAT WOULD YOU SAY ARE THE

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PROBLEMS WITH HANDLING CASH?

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COSTS TO BUSINESSES AND SAFETY

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CONCERNS?

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>> WELL THERE IS A HIGH COST

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RUNNING A INFRASTRUCTURE BEHIND

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THE CASH ECONOMY, ARMORED

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TRUCKS, CLOSING DRAWERS, YOU GET

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THE IDEA.

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ACCORDING TO RECENT RESEARCH

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CASH COSTS ON AVERAGE ABOUT 9%

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OF CASH RECEIVED.

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YOU COMPARE THAT TO THE COST OF

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A CASHLESS TRANSACTION THERE IS

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A DIFFERENT BUT DEPENDING ON THE

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TRANSACTION ITSELF.

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>> WHAT WOULD YOU SAY HOW WOULD

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YOU COMPARE OR QUANTIFY THAT?

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>> WELL, YOU'VE GOT THE TWO

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OWNERSES IN THE SPACE.

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VISA AND MASTER CARD WHO CAN

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CHARGE OF 3.5% AND 15 CENTS PER

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TRANSACTION.

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IF YOU HAVE THAT FEE STRUCTURE

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ON A SMALL PURCHASE LET'S SAY A

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$5 CUP OF COFFEE.

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3.5 AND 15 CENTS THAT IS A 6, 7%

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COST.

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TYPICALLY THE COFFEE SHOP PAYS

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THAT BUT IT GETS ADDED TO YOUR

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PRODUCT.

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AND SINCE MORE AND MORE PEOPLE

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ARE PAYING CASHLESS, WE ARE A

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PAYING FOR IT REGARDLESS WHICH

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METHOD YOU USE.

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IT MIGHT BE FASTER AND MIGHT NOT

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ALWAYS BE DHEPPER BUT WE ARE

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ALREADY PAYING FOR IT.

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>> WHY MIGHT SOME BUSINESSES

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MAYBE THEY WOULD WANT TO GO CASH

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ONLY?

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>> LIKE I SAID CASH ONLY?

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>> WELL, THAT IS AGAIN CASH ONLY

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HAS A HIGHER COST ASSOCIATED

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WITH IT REGARDING WITH THE TIMES

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YOUR EMPLOYEES WILL BE MANAGING

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CASH AND THE TIME YOU HAVE TO

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SPEND TO SECURE IT, COUNT IT, TO

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DEPOSIT IT.

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THERE ARE A VARIETY OF DIFFERENT

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EXTRA SERVICES THAT YOU WILL

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HAVE TO PAY FOR ASSOCIATED WITH

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HANDLING CASH.

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>> SO IT'S ESTIMATED THAT 30% OF

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AMERICANS DON'T HAVE A CREDIT

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CARD AND THAT SEVEN MILLION

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HOUSEHOLDS IN THE U.S. ARE

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UNBANKED MORE LIKELY TO BE LOWER

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INCOME AND LESS EDUCATED AND

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PEOPLE OF COLOR.

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CHICAGO TRIED AND PHASED OUT A

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PROGRAM THAT LET UNBANKED PEOPLE

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LOAD MONEY ON TO TRANSIT CARDS.

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DO YOU THINK GOVERNMENTS HAVE A

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ROLE IN HELPING UNBANKED PEOPLE

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ACCESS THE CASHLESS ECONOMY?

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>> I THINK THERE IS A ROLE FOR

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THE LOCAL, STATE AND FEDERAL

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GOVERNMENT TO PLAY AT GIVING

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THOSE ACCESS TO THE CASHLESS

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SOCIETY BY NEGOTIATING WITH

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BANKS AND CREDIT CARD SERVICE

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PROVIDERS THAT MIRRORS HOW MANY

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PEOPLE MANAGE AND USE CREDIT

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CARDS.

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REMEMBER THAT ONLY TOUCHES A

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SEGMENT OF THE POPULATION THAT

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IS NOT GOING TO TOUCH ALL 30% OF

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THE FOLKS THAT DON'T HAVE ACCESS

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TO CREDIT CARDS.

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THE 7% OF ILLINOISANS WHO DO NOT

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HAVE ANY RELATIONSHIP WITH A

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FINANCIAL INSTITUTION, IN 23% OF

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THOSE ARE BLACK HOUSEHOLDS.

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14% OF THEM ARE LATINO.

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2% ARE WHITE.

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AND THE MAP ON THESE THINGS

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ALWAYS ARE THE SAME.

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IT'S FAMILY WEALTH, HEALTH

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OUTCOMES, ACCESS TO BANKING,

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EDUCATIONAL OUTCOMES, WHITE SOX

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VERSUS CUBS THE MAP SHOWS THE

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SAME DISPARITIES IT ENDS UP

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BEING THE HEADER THAT CHANGES.

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>> ARE THERE SOME PEOPLE WHO

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WOULD NOT WANT TO GO CASHLESS?

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CITING PRIVACY CONCERNS?

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>> NO, ABSOLUTELY.

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IF YOU THINK PEOPLE ARE FREAKING

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OUT ABOUT THE FACT THAT THE

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GOVERNMENT IS TELLING US TO WEAR

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A MASK OR ALEXA IS LISTENING TO

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EVERY CONVERSATION HOW DO YOU

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THINK WE WILL FEEL ABOUT TWO

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FOR-PROFIT COMPANIES KNOWING

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YOUR EVERY MOVE AND PURCHASE.

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LET'S SAY THE EXECUTIVES OF

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MASTER CARD AND VISA DECIDE THEY

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HATE BIRDS AND BLOCKED ALL

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DONATIONS TO THE AUDUBON SOCIETY

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THERE GOES THE AUDUBON SOCIETY

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AND THAT IS ILLEGAL RIGHT NOW.

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IF YOU DON'T HAVE THAT

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ALTERNATIVE THEN YOU NEED TO

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START TIGHTENING UP A LOT OF

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RULES AND MAKING SURE THAT THE

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UNINTENDED CONSEQUENCES DO NOT

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ALWAYS FALL ON THE LOW AND

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MODERATE INCOME BUT THINK ABOUT

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THE ROLE OF FINANCIAL SERVICES

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AND HOW PEOPLE ENGAGE WITH THE

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ECONOMY.

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IT IS SIMILAR TO THE

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CONVERSATION WE ARE HAVING ABOUT

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VOTING.

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THE EASIER YOU MAKE IT TO VOTE,

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EARLY, ON-LINE, BY MAIL, ALL

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THESE OTHER SORTS OF THINGS,

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IT'S ENGAGING PEOPLE TO BE ABLE

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TO MAKE SOMETHING THAT IS

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ESSENTIAL IN THE ECONOMY AND OUR

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SOCIETY EASY AND ACCESSIBLE

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ACCORDING TO WHERE PEOPLE ARE.

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THE SAME NEEDS TO BE WITH HOW

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PEOPLE ENGAGE IN THE ECONOMY.

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>> ARE WE JUST MARCHING TOWARDS

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THIS?

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IS THIS LIKELY TO HAPPEN IN THE

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FUTURE AS BUSINESSES AND

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GOVERNMENTS LEAN TOWARDS

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CASHLESS MORE AND MORE?

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>> WE ARE ALREADY THERE.

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LIKE THE NUMBERS IN EUROPE AND

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ASIAN ARE A TRO KNOWLEDGE CAL

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THEY HAVE --

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ASTRONOMICAL BUT WE NEED TO MAKE

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SURE THAT WE ARE KEEPING AN EYE