It has been famously said that cash is king. Entering 2017, that may no longer be the case. In recent years, a variety of different businesses around the world have made the drastic decision to go completely cashless. The most recent business to go entirely cashless is the fast-casual chain, Sweetgreen.
As of January 2017, the salad chain, Sweetgreen, made the decision to ditch cash for solely credit and debit card based system. The number one reason Sweetgreen, with over 60 locations across the nation made this decision: to prevent robberies and protect their employees from violent crimes.
Restaurants and retailers are not the only ones to identify the safety benefits of a cashless society. Countries like Norway, Sweden, and Denmark have made proactive choices to reduce the usage of cash amongst all their citizens. Many businesses in Sweden do not accept cash at all and even many bank branches no longer keep cash on hand or take cash deposits. All three nations stated that one of the main reasons to stop using cash is to prevent robberies and eliminate its use for illegal purposes.
Although the increase of alternative payment methods could potentially decrease violent crimes and illegal activities, there is little research or evidence to prove these claims. A cashless society could have a huge effect on the Loss Prevention world, especially in already prominent field that is online fraud and identify theft.