News

China orders merchants to stop rejecting cash

Wednesday 19 December 2018 11:11 CET | News

Since July 2018, China’s central bank has dealt with 602 cases involving merchants rejecting cash payments, according to Tech Asia.

China’s central bank started cracking down on merchants who refuse to accept fiat money, saying that it damages consumer rights and the renminbi’s legal status. It also warned against “overhyping” the concept of a cashless society.

Among the merchants that were required to accept cash again, there is Alibaba’s Hema Supermarket. The retail chain lets shoppers scan goods with their smartphones to see more information and pay for their purchases with the Hema app. Following the central bank’s order, the Hema stores in question have reportedly started accepting cash again.

As Tech Asia further states, it is estimated that in China more than 30% of people born in the 1950s are having difficulties trying to pay in cash.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: China, merchants, cash payments, bank, Alibaba, retail
Categories:
Countries: World