Philadelphia is set to become the first major U.S. city to outlaw cashless stores as part of a push to protect low-income residents, The Wall Street Journal reported Thursday.

The news outlet reported that Philadelphia's law will go into effect on July 1, and will require most retail stores in the city to accept cash. The Journal noted that similar proposals have been put forward in New York City and in the New Jersey state legislature.

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The Philadelphia law, which Mayor Jim Kenney signed off on this week, will require most retailers to accept cash and will bar them from placing a surcharge on cash-paying customers. Businesses in violation of the law could face fines of up to $2,000.

Supporters of the law argued it serves as protection for low-income residents who are unable to access credit or debit cards, and therefore can only make purchases with cash.

The law provides an exemption for certain businesses, including parking lots and garages, wholesale stores and rental companies, The Morning Call reported.

The Morning Call noted that some business leaders expressed concerns about the law, arguing that the government should not determine how retailers run their operation.