Businesses May Not Reject Cash, PBOC Official Says
Chen Juan
/SOURCE : Yicai
Businesses May Not Reject Cash, PBOC Official Says
(Yicai Global) Aug. 3 -- For businesses to reject cash in yuan illegal, an official from China's central bank said. /n/n/n/n/n Yuan China's legal currency, Shanghai Securities News quoted an official from the People's Bank of China as saying today. Enterpres may decline bank card and third-party payments, the official said.

Mobile transactions have become increasingly popular and some establhments in major Chinese cities have refused to accept cash, saying they only take mobile payments.

The value of the country's third-party mobile payments more than doubled to USD5.5 trillion (CNY38 trillion) last year, market research firm iResearch estimated. Tencent Holdings Ltd.'s [HKG:0700] WeChat Wallet and Alibaba Group Holding Ltd.'s [NYSE:BABA] Alipay dominate the Chinese mobile payment market.

In the US, mobile payments grew 39 percent to USD112 billion. The market shared by Apple Inc. [NASDAQ:AAPL], Alphabet Inc.'s [NASDAQ:GOOGL] Google, Samsung Group and PayPal Holdings Inc., Forrester Research data shows.

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Keywords: Mobile Payment , Pboc