As China goes increasingly cashless, PBOC says cash payment is still alive
The banking regulator reminds businesses to accept cash payments even as mobile payment transactions reached a record US$12.8 trillion.
The central bank in China, the world largest mobile payment market, is urging individuals and companies to not refuse or discriminate against cash payment.
The People’s Bank of China notice on Friday to dial down what it calls an “overhype” of a cashless society comes as mobile payment volumes continue to soar to new heights.
“Cash has been rejected for some consumers in tourist attractions, restaurants, retailers and other industries. This damages the legal status of the yuan, and hurts consumers’ rights to choosing payment methods,” according to the notice posted on the central bank’s website.
Mobile payment transactions reached a record 81 trillion yuan (US$12.8 trillion) from January to October last year, according to figures from the Ministry of Industry and Information Technology.
Payments via mobile-phone apps such as WeChat Pay and Alipay accounted for more than 80 per cent of the country’s mobile payment segment. China is often seen as the first nation to move towards a completely cashless society.
South China Morning Post
Friday, 13 July, 2018, 8:41pm
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