Central bank acts to protect paying in cash

Source: Xinhua | 2018-07-16

China’s central bank is taking measures to ban businesses refusing or discriminating against cash payments to deal with the over-hype of a cashless society.

Some consumers have complained about being denied using cash in places like tourist areas, restaurants, and retail stores, which harms the legal status of the Chinese yuan as well as consumers’ rights to choose means of payment, according to a statement released Friday by the People’s Bank of China.

Banking institutions and non-banking payment platforms should not require or induce business entities or individuals to refuse or take discriminatory measures against cash payments, and these practices should be rectified within one month, the statement said.

Mobile payments are popular across the country with a growing community of consumers using WeChat Pay, Alipay, and other mobile payment tools.

A report from global market research firm Ipsos showed that China reached about 890 million mobile payment users in the first half of this year. For sales from online or unstaffed stores, cashless payment only is allowed if cash payments are impossible.