Central Bank of China takes measures against coercion to non-cash payments

Beijing. Jul 16. Silkroadnews - The Central Bank of China is taking measures to prohibit discrimination in respect of cash payments to curb the over-hype of a cashless society, Xinhua reports.
Some consumers have complained they were denied the opportunity to pay in cash in tourist areas, restaurants and shops, which is damaging the legal status of the Chinese yuan, as well as violating consumer rights to choose the means of payment, the People’s Bank of China said.
Banking institutions and non-bank payment platforms should not require or compel organizations or citizens to refuse cash payments, this practice should be eliminated within a month, the statement said.
Mobile payments have become popular all over the country, benefiting a growing community of consumers using WeChat Pay, Alipay and other mobile payment tools to pay for a wide range of products and services.
The report of the world research firm Ipsos says that in the first half of this year in China there were about 890 million mobile payment users.
Reportedly, for product sales or services from online or unstaffed stores, cashless payment only is allowed if cash payments are impossible.
Nevertheless, businesses and individuals should not impose a non-cash form of payment when promoting the idea of a “cashless society”, the central bank said.