PBC sup­ports use of cash

Global Times US Edition - - BIZOVE -

The Peo­ple’s Bank of China (PBC), the cen­tral bank, has launched a crack­down on re­tail stores that re­fused to ac­cept cash as pay­ment, in sup­port for older res­i­dents who pre­fer to use cash in­stead of mo­bile pay­ments.

The PBC has dealt with 602 cases of cash re­jec­tions, in­clud­ing one in­volv­ing Alibaba’s Hema su­per­mar­ket, and it or­dered com­pa­nies to add cash pay­ment lines, ac­cord­ing to fi­nan­cial news web­site cn­stock.com on Wed­nes­day.

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