Cash VS Cashless - Is Cash Still King? | Consumer Financial Protection Bureau | ATMs Become Financial Service Kiosks | B2B Vault: The Payment Technology Podcast | Episode 121

What's up everybody, it's Justin live from B2B Vault, the payment technology podcast sponsored by Nationwide Payment Systems, hosted by Allen Kopelman, and we'll be providing you educational information about small business fintech, payment processing, and the technology businesses are using in the world today. And in today's podcast, it's titled Cash Versus Cashless. Um, it's been a lot of disputes, or, you know, going back and forth about the cashless society, uh, whether people are looking to stop using cash. Will we stop using cash? Are businesses going to stop accepting cash. I myself, uh, I don't use cash a lot, but I still use cash, and I don't think that businesses are going to be going to cashless anytime soon. The numbers behind that statement, you know, they, they, they agree. They're, they're, they're saying that people still spend lots and lots and lots of cash. Uh, so yeah, I mean, let's hop into it. Cash versus cashless, what you got?

So is cash still king?

I agree.

So I say cash is still king, and I'll give you some— so looked up some, some things. There's 1.7— excuse me, I typed around— trillion in circulation.

Like, that's not enough, right?

7.1 trillion in circulation. It said the average American spends like $65 a day, but that's like all your bills, so that's a lot of spending. And it says for cash, 5% of Americans polled in a poll, right, use cash for all purposes. 8% said they use cash for most purchases. 13% said they use it for half of their purchases. 49— so that's half the people, let's just say— use it sometimes. So that means that people are still using cash.

11% never use cash, right?

Never.

After—

you're lying.

The 11% of you that said that, you're just a liar. I mean, I don't believe you. I don't believe that at all, right?

Well, they're not tipping anybody, that's for sure. Like, right, someone's taking your bags at a hotel, it's there, you know. It's difficult to get away from cash because especially when you have tipped employees, you know, and somebody's going to get a tip. Sometimes I feel bad. Like once I was at a hotel, this guy to tote, you know, carry all my stuff in, there was a lot of bags. I was going to a convention, so we had the booth with us and all that, and I didn't have any cash on me. So later I went to the ATM, went back, found the guy who helped me, gave him some money because I felt bad. Like, you know, so, you know, you know, you don't think about it sometimes, like, oh, do I need some cash? But you always carry some cash with you. So then I wanted to see like how many ATMs are in the United States.

A lot.

So 480,000, and you know, that's probably an old number. So approximately 200,000 are bank-owned. The other, let's say about 300,000, are independently owned. So that's, you know, bank-owned means like you go to the bank at Bank of America, Wells Fargo, Chase, wherever you bank, they have an ATM at the bank. Sometimes those companies put banks like in a mall, right, where they put their advertising, and then they're like— let's say they have, um, I bank at Truist. So let's just say there's, uh, Truist sponsors the mall, right? And you go there, they have a Truist ATM in the mall. You don't pay fees on your own when you use your own bank. So it said I wanted to look up like what banks had the most ATMs. So Bank of America is 16,000 ATMs. Wells Fargo, you know, over— Wells Fargo, 12,000. Truist has over 9,000 ATMs. That's probably like a little bit low because they've merged BB&T, SunTrust, and some other few other smaller regional banks into Truist. So there's a lot of ATM machines. But, you know, also independent ATMs are growing because a lot of banks are finding that, you know, they have to go digital. So open the bank account online, right? Right. And some of them are finding it very difficult to open up— like, personal accounts is easy, right? Business accounts, a lot of banks have a lot of trouble opening up business accounts. Over the internet, like, unless you already have an account there for your business and you just— why another? Because the business requires a little bit more documentation, and, you know, they need to—

what?

Well, they got to verify the federal tax ID number.

They need to get an application, right?

But I'm saying they haven't reached those digital platforms. They haven't gone that far into their digital transformation. A lot of banks, I saw, I was reading that they're struggling in their digital transformation of how to even— we looked at a bunch of— I was looking at a bunch of bank websites the other day because I'm going to this Financial Brand Conference, right? And it's all banks from all over the United States and the world. 30,000 banks are coming into the, um, to the convention. In Las Vegas next— this month on the 13th through the 16th. So we're looking at different banks to see what they have, and I would say like the, you know, except for the neo banks, but most of them are concentrated on person— personal accounts, not business accounts. So they have a little trouble, you know, and they're gonna have to step up their game and get people to open up, you know, otherwise they're going to lose— they're gonna— business are gonna lose to companies like PayPal, and that holds people's money, you know, they're not really a bank, but they hold people's money, right? They're going to lose to some of these fintech companies. Oh yeah, like there's another one, there's a couple that I was reading about, they're small right now because they have to have capacity, right? They just can't just 'Oh, let's just open up 500, you know, 1,000 business accounts a day,' right? They have to have capacity to do that with employees, technology, right? You know, backing by the FDIC, because they're limited in like how much money you can hold, you know, depending on your charter and all different things like that. So these banks need to step up the digital, the digital game, you know. But we were just at the National ATM Council, and then we saw there how kiosks are being like added on to the ATM machine and services are being added on.

And then interesting stuff, right?

And then you have that— this new thing, open banking, right? So open banking is really interesting because with open banking I could go to a random ATM, deposit cash in there or checks, and then it would go to my bank. As long, you know, I'm, I'm pretty much would say that those ATMs would have to be serviced by somebody like Brinks or something like that, not by just a random ATM guy. They would have to be serviced by, you know, a company that's engaged in open banking, right? And also, you know, when you talk about like impoverished areas or, um, areas like rural areas, you know, that those are places that really need ATMs. Because when somebody needs a financial service, whatever that financial service is— getting money or depositing money or something like that— the banks are like going out of business in those areas. So there's less, less amount of banks. Like, my daughter lives in Cedar Rapids, Iowa. I remember driving around there, I didn't see Chase and Bank of America. Now it's a city of over half a million people in Cedar Rapids, so it's not a big banks, huh?

No big banks.

Maybe there was one downtown. I didn't go there. It had to be a couple downtown, but I didn't see, you know, the bank. I saw everywhere these community banks and and stuff like that. They were all over the place, the local bank. Like, they don't have Truist there, and my daughter still has her account at Truist, so she still, you know, has her bank account there. And, uh, you know, with— you don't really need to go— like, now, like, most paychecks are electronically deposited, right? So people don't need to have— go take your check to the bank as much anymore. Never, right? And even some places, like, if the employee doesn't have a bank account, they give them a debit card. Yeah. And then so people get their money on a debit card, and then they have their money on a debit card, and they— and whatever company that is is providing like bill pay services and all that. Or they're going to the ATM, taking out the money from the paycheck, and spending the cash. So it's, you know, it's not completely cashless because of the way that's going, but I think with, you know, with open banking and these additional services like Hyosung and Genmega are adding on all these additional services that you're going to be able to do at the, at the ATM.

Yeah, it's going to be really, uh, uh, it's going to be a game changer for a lot of people. The way that you'd be able to pay bills, right? You know, transfer money from one account to another, send people money through, you know, Western Union type of deal. It's just the endless opportunities for the ATM is, is really cool to watch it, you know, grow.

Yeah, it's gonna become more of a financial, a financial hub for a community. You know, and maybe we'll even see some of these Neo—

my thing about the ATM thing is it's always kind of sketchy, right? Like, what, you going to the ATM, it's kind of sketchy, you know. Even when you're taking out money, you have to be aware it's not the safest thing, right?

Well, yeah, you could get robbed.

That's my point, right? So doing— so when these, you know, that's the one thing that is always in the back of my mind these ATMs and kiosks, you know, there should— they got to be like more— a better way of, you know, maybe some sort of lighting.

Well, like, I don't go to the— like, I'm not— like, I'm not going to go to the drive-through ATM at 10 o'clock at night and then somebody might follow me. But I'm just saying, like, I'm just saying, like, I think it's—

ATM's in my— I'm just saying ATMs are sketch.

Right, so if you go into a safe location, like let's say there's an ATM at the corner store in your neighborhood and you can go there, you know, you got to pay your FPL bill, and instead of taking money out of the ATM, handing it to the guy at the counter and all that, they're not going to have to do that anymore soon. Soon they're going to go to the ATM, put in their ATM card, go, oh yeah, I need to pay my FPL bill, click bill pay FP&L, you know, there, there's already like software that exists to do this. So instead of the guy doing it at his computer, they'll just do that. It'll be less cash for the business to handle. It's nice things like that. Safer for the business, safer for the customers to go in there, and they don't have to take the cash out of the ATM or go to the check cashing store or go to, you know, take the money out of the ATM. They can just pay the bill directly. Right on the ATM. Pay your cell phone bill, pay your— pay your FB&L bill, you know, whatever bills you have, you know, whatever bills you have, because there's already bill pay software. Many convenience stores have that in the— in the store, but you have to hand them cash.

Yeah, the deposit, you know, at the ATM is going to be a game changer.

Yeah, then you won't have to go like to your bank to go deposit. I'm just saying for people who don't have banks too, you know, like, yeah, you could put the money on your card Yeah, yeah, you'll be able to go have a debit card.

You said what's the unbanked—

yeah, number. Oh, there's millions of unbanked people because they don't— and but they use things like Chime, you know. So but now to go put money on Chime, you got to go to like Walmart or some store, Walgreens, and you got to give them money and then they put it on your Chime card and then get all the money. No, no, and it's not instantaneous. Sometimes.

Sure.

I'm not sure if it's—

some of them, it's instantaneous.

Oh, it's instantaneous.

When you're loading cash on a card, you get the cash right, right?

So now it's on your Chime card and those, you know, or it's on some other— there's so many of these like fintechy card things, right? And they're growing, you know, slowly, slowly, slowly, but soon you're not gonna— and you have to pay like Walmart a fee whatever it is, or Walgreens, a fee to do that. It's a big hassle for the store, you know what I mean? Yeah, they gotta count the cash, they gotta take the cash to the bank, you know. So now with these ATMs, you'll be able to go up to the ATM, stick in your Chime card or whatever, your Justin card, whatever it's called, right? The Rocky card. Go, I want to put $300 on my card, put $300 into the bill acceptor And we saw like some of these bill acceptors were crazy. Some of them feed one by one, but some of them just had— you just could put a pile on top and it sucked it in, you know, sucks the money in, counts it, says, oh yeah, there's $300, boom, now it's on your card. And then the money gets picked up by, you know, the armored car company and gets, you know, gets deposited to wherever it needs to go. So it's really interesting. You know, how financial services is going to move into, you know, might put these— like now there's like check cashing stores are pretty much like almost out of business.

Yeah, there's one by my house and I, I— there's never anyone there. So I often wonder how or why are they still open.

Well, a lot of them sell like bus passes.

Yeah, they're like communities, like utility shops, right?

They— you could pay your bills, you pay your bills there. You could— but soon you'll be able to do it on an ATM. Imagine you could open up a small shop, or you're a store owner in an area where you have a lot of foot traffic, and you could just put that, add that on to your current ATM because it's like a little side.

I mean, for me it doesn't make sense, right? Like, I don't use any of that type of stuff. I'm a technology— I'm using whatever the best way, the fastest, most efficient way. But I could see how this stuff is going to be utilized.

Yeah, but let's say— give you an example— let's say you're a hairdresser, right? You made $200 in tips, and now you don't want to carry that around with you all day. So you go to the machine, put it in there, boom, send your dog.

That's— yeah, that's huge. That's huge.

Waitress, you know, there's so many uses for it, you know, in these use cases. Where the person doesn't want to carry around that much cash, right? You know, or they got paid in cash for whatever reason. Somebody gave the business owner cash and now the bank's closed. Oh, go to be able to go to the machine, put it in, goes right on the guy's debit card.

Yeah, that's real good, you know.

So there's a lot of good use cases for that. Or let's say you're traveling, you know, and now you need to pay a bill and you don't have your computer whatever, go over, you can pay your bill, whatever, whatever it needs to be. Or even like you were saying, transfer money to somebody. Yeah, maybe that person doesn't have Zelle. I mean, I would, you know, with all the stuff going on with Zelle and all the problems they're having, you know. Yeah, they're in there complaining. I see there's other companies trying to get into the, get into the mix because Elizabeth Warren is after the CFPB, which is the Consumer Financial Protection Bureau, you know, she's after them with the whole Zelle situation and the fraud.

And with Zelle situation, which one?

Zelle. Oh, with Wells Fargo Bank.

Oh yeah, you're right, right, right, right, right.

Because there's a determination, oh, did the person get scammed or was there actual fraud? And there's a whole fight now as to like what was fraud and what was a scam.

And they're trying not to pay back the scams, right?

They're trying not to pay back the fraud, the scams. Yes, you got scammed. They don't want to pay it back, which is what? Fraud, right? It's the, it's the same thing.

It was, you know, like they're just saying it's just like human negligence, basically, like you should have known better, right, type of thing.

So, but you know, but there was incidents where Like there was text messages, there was text sent out and it said, oh, your mortgage payment didn't go through. In order to not pay late fees, Zelle your money. And then the person was stupid enough to not pay attention and they logged, did a login and then put in an amount. And then on the other end, the scammer actually saw the login, logged into the person's bank account, Zelle themselves the money. But now I don't know about all the banks, I just know Truist because that's where I bank. Everything now is like they send you a text if you put a new person in, that you have to hit yes that you put it in there to put a code in on every single transfer. Yeah, for transactions and everything.

Yeah, maybe Federal's the same.

Yeah, they put— they added that on, but I don't, you know, Zelle I think that they should be held responsible for some of this stuff. But so, I don't know, I don't know what, you know, Howard, someone has to determine was it fraud or net fraud or scam, right? So who's going to determine that? But also the CFPB.

I mean, you can't help people being, I don't know, making mistakes. Yes, you can't help that, right?

Well, we did a whole talk about it last month. We did Cybersecurity Month and Allen Kopelman gave a whole talk about cybersecurity and being careful. It's like, I was looking yesterday, like, an email, right? So I got a note from Microsoft, oh, now you can set up two-factor authentication on your email account, right? So go look at it, like, how to go set it up. It was like the most confusing thing ever. I don't understand why there was like all these steps to do this, that you need some app on your phone and this and that. Like, why can't you just do it through a text message? Link it to the phone number, boom, the person gets the thing. Yeah. And log into the—

some of them are really stupid. Like, they need you to first you log in, then you get a text message, then it refreshes, then you got to answer a question. Like, come on, man.

Yeah, it's a little bit, it's a little bit much. I think just the text, but then, you know, Microsoft has this Authenticator app. I don't know, it's too many steps.

Yeah, although Microsoft is just doing too much.

There.

You guys got to dumb it down a little bit, man.

But I think there's—

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There's a way where you can set it up where it just sends a text. And I was like, I'm gonna have to call up like GoDaddy or Microsoft and find out exactly how to set it up because it doesn't make it— their little portal where you go set it up, I tried to do it, you know, it didn't work. I was like, there's no— it's not asking you like— it's not telling you like, oh, put in the phone number or put in the email or do this or do that. So I was like, no, forget it. So I disabled this, but I would like to put it in because I think it's important to have two-factor authentication.

It's very important.

But the CFPB is also in a bunch of trouble because they're making all these rules, and then somebody took them to court over a bunch of the rules that they made that they're involved in and said, hey, this agency is illegal. Because it's not governed by anybody. It's just some agency that the FDIC apparently created.

Yeah, that was— when I Googled it and to really see what was going on, I'm like, oh, they got— they, they just do what they want, right?

They're just doing whatever they want, making all these rules, having hearings and hearings, right? I'm like, hearings? Who are these guys? Who appointed them? Right. They weren't even appointed.

There was no vote.

There was no vote to appoint this guy.

This, these, this, this, this guy, this guy, that guy, this ching, this woman, that one, that one, that one. That's the group, right?

It doesn't make sense to me. And then they're making all these rules for open banking, crypto, taxes, all kinds of stuff. No, those things need to be voted on. Yeah. There needs to be votes. Congress needs to vote. They can't just make up all these rules. So I don't know, this, this thing might get defunded.

I hope it does.

And I hope it gets defunded because, you know, we first started reading about them a few months ago, remember? It started coming up a lot. And I, you know, sounds good, right?

No, it sounds like it's a great thing for the—

right, Consumer Financial Protection Bureau. Sounds good. But who is it? I looked it up, I'm like What? And then I see all these court cases recently and they're being struck down everywhere. They're being like, no, this is illegal, they can't— you can't make this rule, that's something that has to be voted on. I didn't even know that. I thought it was like a real thing because, you know, nobody was questioning it. But now it's being questioned in the courts. They're getting shot down everywhere in court, like everywhere, all these cases.

What do you— I mean, come on, ladies and gentlemen, you can't just start your own gang and then take over some stuff in Congress or whatever.

That's basically, that's basically what they did.

That's what it sounds like to me.

The FDIC and like the Financial Committee or somebody just decided, oh, here, let's just—

we're gonna branch off, we're gonna create our own little set over here, right? And we're gonna gangbang on all these other—

right? And they're over there just beating up on everybody, like all the fintech companies and all this stuff, and making all these rules. And then All of a sudden I'm like, somebody's got to like do something.

What's the lady's name who runs it?

Well, no, Elizabeth Warren is the one pressuring them to like do stuff, right?

Oh, that's right. She's like the ear— the mouth— the mouthpiece in their ear, right?

She's the mouthpiece in their ear and she's like, oh, do something about Zelle, do something about this, do something about open banking, do this. So I'm like, okay, well, I don't understand. So whatever. So now it's a big a whole big thing. There's multiple court cases. They lost every single court case. So now I'm wondering, like, is that going to get defunded? Like, what is the government going to do about this? They created some kind of organization without having the— taking the legal steps to do that.

It doesn't sound like it should be an organization.

I think, yeah, you know, I understand consumers need protection So that's for sure. But you know, you also have FDIC, you have the FTC, the FDA, the DEA. You know, they— you know, you have FinCEN.

Your mama?

No, but I'm saying you have FinCEN, which is the finance— the financial, um, instrument that makes sure like companies who move money around have to be registered with FinCEN, and they have to be AML, anti-money laundering, uh, you know, they have to have anti-money laundering. So I don't understand, like, you need— who, who's governing like this group? But let's get back.

Obviously no one is, right?

So, but they're also like going after like the cash versus cashless thing too, and they've been commenting on it. So that's why I brought them up into the conversation. But you know, cash is still out there, ATMs are out there. There's a lot of movement with, you know, with cash versus cashless. I mean, we've even seen, like, you know, like, you go to the gas station, they have a cash price and a credit price. And you go to many businesses and there's a cash price and a credit price. And even the ACLU, uh, reined in on it, you know, they rang in on that a couple of years ago. They said, yeah, people who pay cash should get a discount. Yeah, because I mean, they're not paying with a credit card. People pay with a credit card should pay a little more maybe.

Why is the reasoning?

Um, because, uh, because they're getting rewards and things like that. So, you know, and a lot of businesses especially was accelerated by the pandemic, um, you know, started charging like a fee when you use your credit card at some businesses, you know. They charge a fee, 2%.

They need to work on that answer.

Who?

Why?

Why what? Why they're doing that?

No, why do you get a discount?

Oh, because they're saying because they're not getting the benefit of rewards.

That needs to be better.

Well, that's just was part of the reasoning. Yeah, I'm just saying. But even, you know, Maxine Waters doesn't always agree with the guy on the other side of the aisle, which is, uh, John Rose. You know, and but she did agree with him. And there's a bill to keep cash, to make it illegal for businesses to say they won't take cash.

Yeah, that's ridiculous.

Then and that needs to become a law. Yeah, because I don't think— I think that's punishing people who don't have access to banking. It is a punishment. Yeah.

I mean, you could look at it a lot.

Even my son told me it was stupid during the pandemic. He would have people come into the store where he was working at and they would want to pay in cash, and he had to tell them like, sorry, we can't take cash. And he said it was dumb. They— he started counting up how much money he was losing every day. Yeah, because he's dealing with young people. So what does their parents do? They're not going to give them a debit card. A 16-year-old, oh, here's $40, go to the mall, right? Go get a pair of pants and a shirt. Yep, right. So they would come in and they couldn't spend their money, and none of the stores in the mall. But finally they loosened up because my son goes, hey, today we've missed, you know, $1,000 in sales, we missed $500, we missed this, we missed that, we missed $50, we missed this, we missed that. We're not— so they started taking cash again.

Definitely starts adding up, I'm sure.

Yeah, well, it adds up because it depends who your customer is, you know, depends who your customers are as to how they're going to pay you. Obviously you walk into like some expensive steakhouse, you're not going to have that many people. Let's say they serve 100 tables, right? You might have 1 or 2 where they whip out a bunch of cash and pay, and the rest of everybody else is putting it on a credit card. But let's say now you're at the Corner Bodega. At least be spending the cash, right? The person's coming in getting a churro and a coffee, or a bag of chips and a soda. And they're just, you know, mostly, you know, a lot of people pay in cash in those places.

Yeah, man. I mean, people are worried about going into those types of small businesses and using their cards too.

No, it's— I mean, as long as they have, you know, EMV machines, I mean, it's very, very safe. I say always put in your PIN.

I don't like using credit at those type of—

you don't like using credit?

No. I don't know, I just feel safer.

That's one thing. Yeah, and that's, you know, but that's a whole nother discussion, you know, debit versus credit. One thing for sure is during the, during the times of the pandemic, that the amount of people who use tap and pay cards, who are using Apple Pay and Google Pay and things like that because they don't want to touch the credit card machine, you know, it's got to be accelerated, huh? I didn't get my my—

well, when I was banking with PNC, they didn't send me our new tap and pay cards, right, until like, I don't know, 2021.

No, no, I just got mine like from my bank. I just got it recently.

That's what I'm saying.

Like, they—

you would go to this and I was seeing those people like, how are they able to do that?

Yeah, because some of the—

well, a lot of Chase was one of the first ones.

No, I have Chase. I just got mine. And they literally just switched it out like 6 months ago.

That's crazy.

Yeah, but I think they did it more on like personal accounts before business accounts. And but still, like, Truist hasn't changed their cards yet to tap and pay.

Oh, so you can't tap and pay?

Not with my Truist card.

No, it's, it's actually kind of annoying now that I'm so used to doing it, and when I can't do it, I get frustrated.

Yeah, because people want to do it at the gas station, everywhere. They're tap, tap, tap, tap. They even have signs up like Costco, tap your card, tap your card. You know, that's what they want you to do. So it's, you know, it's except, you know, that's except, but it's not stopping people from paying cash. I would say probably like gas stations, you know, if people want to pay cash, they have to go inside the gas station and pay cash. So yeah, it's kind of a hassle. But when you— it depends on the neighborhood you're in. If you're in a neighborhood where there's a lot of people that have cash and you gotta be ready to take cash.

It just—

agreed, depends. And you know, many— a lot of times in rural areas too, people are, you know, they're, they're spending cash because maybe they're selling, you know, watermelon farm, you know, they're a farm and they're selling stuff on the, you know, they're selling their goods.

I only said watermelon because every— down here the watermelon trucks are crazy.

Yeah, like you stop on the side, like, or you go to the You go to the farmer's market. Yes, stone crab, shrimp, or you go out to the farmer's market, right?

Oh yeah.

And every— all this, you know, the vegetable guy, everything is cash. Oh, fill up a thing for $10.

You know, Yellow Green Market, they— they're actually pretty advanced. Well, you can actually pay with cards, right? But I'm saying like, not, not regular farmer's markets. Most of them you're not paying with a card, right?

But if you go like to the— those ones, people have like permanent space there. Yeah, but I'm talking about like, like the city where I live.

Oh, right.

You have like Coral Springs and you have Coconut Creek and you have Parkland. They have a farmer's market, they have vegetable guys there, fish guys. Most of them don't take credit cards, you have to pay them with cash.

I have a random question: how can a watermelon be seedless?

I haven't— I guess it's through, you know, genetically, genetically modified through farming.

Okay, so how can a grape be seedless but not be GMO?

I don't know.

It's impossible, right?

Right.

You guys are liars. I don't, I don't trust anything anybody's talking about with food.

Yeah, I have like one of my friends that's a scientist, Eduardo, and he he developed a way— he developed seeds so that they could be grown like something that need— could be grown in like Florida, let's say, like broccoli, right? Well, you can't— you know, they can't grow broccoli like in Asia in a rice paddy, but he developed a seed that will— with— that doesn't need to have that exact kind of weather, and it's just like modified stuff like You know, people get into that whole, you know, all our food is modified. Like, when I was a kid, like, Monsanto was like this company doing all this genetically modified. And also, when I go to Iowa, I did a lot of reading about— because I asked my daughter, I go, what are all these signs? Like, when we're driving down the road out in the country to go hiking, so you drive past like all these farms and they're growing soybeans, a lot of soybeans and corn. And I forget what else other. And then there's labels, there's some big signs on all the fields what seeds are planted there.

Really?

They know exactly. Yeah, it's crazy that they know. I looked it up. They know exactly, like, those seeds, where they came from, and that they were planted there. And they know after it was grown, that's where it came from. I thought that was like a little bit out of Like, I thought it was a little crazy.

That's how they regulate cannabis too.

That's how they regulate cannabis. Yeah. So it's pretty crazy how they can genetically track all these seeds. Yeah, everything, seed to farm to sale to sale, right? Yeah. So they can track, and it's for everything that's grown basically, because we went by all these farms and I saw all these signs and I looked it up and I was like, wow, that's pretty crazy. And the reason for that is, is let's say Justin buys some seeds and then he can't just sell them to me to plant because he bought them for a special price. It's like some whole weird thing about that. So that's today's podcast, cash versus cashless. And cash is here to stay, so accept cash at your business. Don't be scared to go, you know, if you're thinking about some gloves, if you're thinking about putting an ATM in your business Maybe it's a good idea if you have enough traffic, and it may— or maybe it's a good idea to, to think about, you know, do you want to put in one of these ATMs that has all the financial services on it, which is going to be available very, very soon? You know, they're manufacturing the machines, they're getting them ready for deployment and all that soon.

I see those types of ATMs being really big in like, you know, like Walmarts and, uh, you know, grocery stores.

Yeah.

Um, malls maybe, or like— and then maybe not a mall, but high traffic type of stuff.

Yeah, it could be. Yeah, any place. But there's a lot of like corner stores where you can go pay your bills.

That's what I'm saying. Like, that's liquor stores, right? Stuff like that.

Yeah, it just depends on the neighborhood, but it's going to be a way for business owners to make a little less money, make a little bit make a little bit of commission off of those extra services that are on the ATM machine and, and, uh, provide a service to the community. Or let's say you're in a rural area and you need to have, you know, there's people can't drive, you know, 30 miles into town to go do stuff, and you have the, the local store, you know, you got, you know, think about putting something like that in there. And also I think we're going to see some of these like online banks put out their own ATM/kiosks too, maybe when the— when those services become available, so that they can make it easier on their customers, you know. All right, so that's today's podcast. Thanks for listening. Carpe diem and peace out.