Durbin amendment concept on abstract design Source AdobeStock

The Devil’s Tower will no longer be experiencing close encounters – at least of the cash transaction kind. Recently, the Wyoming national monument, known for being heavily featured in Steven Spielberg’s 1977 “Close Encounters of the Third Kind,” announced that it would be going fully cashless. For the National Park Service, this decision is surely the right one. Electronic payments will reduce the park’s administrative burden, bolster security and increase revenues.

In addition to the benefits being reaped by the Park Service and other merchants, electronic and digital banking also have great potential for bringing unbanked and underbanked Americans into the banking system. While banking remains a universal concept, it is, unfortunately, not yet ubiquitous and some legislative barriers need to be removed.

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.