PBOC Denies Issuing Notice to Branches, Alipay to Curb Cashless Promotions
Tang Shihua
/SOURCE : Yicai
PBOC Denies Issuing Notice to Branches, Alipay to Curb Cashless Promotions

(Yicai Global) Aug. 11 -- China's central bank denied reports it issued a notice to its branches and sub-branches advising them to curb the use of the word 'cashless' in promotional activities by Alibaba Group Holding Ltd.'s [NYSE:BABA] leading online payment service Alipay, run by Ant Financial Services Group.

A reporter from the Beijing News wrote that PBOC's Wuhan Branch suggested Ant Financial refrain from using the phrases 'cashless' and publicly inform its merchant partners not to reject cash payments. This was a move to respect consumers' rights to choose payment methods. The Securities Times also reported on these directives.

Follow Yicai Global on
Keywords: ANT FINANCIAL , Alipay , Cashless Society , Central Bank , Financial Regulation , RMB