China’s Central Bank Helps to Keep Cash Alive

Mobile payments in China have taken off in recent years as Ant Financial and Tencent dominate the market; in recent week China’s central bank has worked to ensure cash payment is still an option at supermarkets and other retail stores; there were 602 cases of cash refusal that the PBoC investigated with 558 being resolved through education like rearranging the supermarket to make cash payment more visible; the government has also gone directly at Tencent and Ant Financial to try to limit their growing power; cash is not yet obsolete, in particular for the poor as it is still a lifeline for those who cannot afford the latest in technology. Source.

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