China takes action against rejection of cash payment

The entity will take this action in front of the ongoing complaints of citizens unable to settle their accounts with of physical money in tourist areas, restaurants and shops.

The Bank considered this discriminatory practice, detrimental to the legal status of the yuan – the Chinese currency – and violates consumers' right to payment.

Therefore, he urged all financial platforms not to induce its proliferation between businesses or individuals, and demanded to correct it.

In China, payments for mobile phones are gaining ground and last year they closed with an increase of 28.8%, or 203 billion yuan. s ($ 32 billion).

In 2016, these movements were 157 billion yuan (more than 24 billion dollars).

The most popular requests for canceling online purchases are WeChat and Alipay, which also extends its global presence with the admission of disbursements in different foreign currencies and use in several countries.

However, the Central Bank of China has stated that it will regulate such transactions this year to prevent fraud, unfair competition and other risks

This entity will require the various business institutions that they obtain. the authorizations necessary to execute them and that it establishes standard standards for the use of the method.

In addition, it will order the implementation of more effective provisions guaranteeing the security and confidentiality of personal accounts, because online flights are also gaining strength.

mem / ymr