Payments News


As China Goes Increasingly Cashless, PBOC Says Cash Payment Is Still Alive

“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.”