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