In the era of mobile payment, going out without cash has become the normal state of life for a great deal of people. Wherever cash transactions can be used, almost all can be done with mobile payments.
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It can be said that the cashless payment has brought great convenience to our life, but as expats in China, have you encountered this problem under the tide of no cash payment?
Merchants reject RMB cash,
More and more mobile payment fraud,
It brings inconvenience to those older people who do not use mobile payments.
New Policy to Rectify Rejecting Cash
To deal with these problems, the central bank made a sound recently!
Official Notice
The central bank has taken action to rectify the phenomenon of rejecting cash. The concept of “no cash” can't be speculated by Alipay, WeChat payment and any other third-party payment tools.
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Anyone find that merchants refuse to accept or take discriminatory measures to cash. They can make complaints and reports through various channels such as consumer rights protection, city government hotline, and financial consumer rights protection.
Have you ever been rejected like this?
The central bank announced that the legal currency of China is the renminbi, including banknotes and coins (hereinafter collectively referred to as cash). No unit or individual may refuse to accept cash in the form of format clauses, notices, statements, notices, etc., except where non-cash payment instruments should be used according to law.
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#According to relevant surveys
Nearly 40% of the more than 20,000 merchants surveyed said that they had “rejected cash” in the past year ;
Over 30% of the more than 30,000 consumers surveyed had experienced "rejecting cash" in the past one year.
Since then, the responsible person of the relevant central bank said that they would strengthen guidance. Any unit or individual should not speculate on the concept of “no cash” when promoting non-cash payment instruments.
Significance of Rectifying the
Behavior of Rejecting Cash
It is conducive to creating a safe, efficient and harmonious RMB circulation environment.
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Maintaining the legal status
of the renminbi.
The renminbi cash is the legal currency, reflecting the national credit, and ensuring the smooth circulation of renminbi cash is the basic requirement for maintaining the legal status of the renminbi.
Encouraging harmonious development
of diversified payment methods.
At present, it has formed a diversified payment instrument system that coexists with cash, bank cards, Internet payment and mobile payment, which satisfies the payment needs of different market entities.
Safeguarding the legitimate rights
and interests of consumers.
The core principle of fair trade is to protect consumers' right to choose their own choices, and to protect the rights of all consumers, especially those who are not accustomed to using non-cash payment instruments.
Mobile Payments Can Be Used As Usual
The central bank’s announcement says: “Encourage the adoption of safe and legal non-cash payment instruments on the premise of accepting cash payments.”
How much cash do you usually bring out?
HACOS,Business Services Solutions Master