Their logos are displayed practically at all cash register, and many companies no longer usage conventional fiscal cash registers.
Instead, the vendors scan the QR code on the customer's smartphone to complete the sale.Only the oldest customers inactive usage coins and banknotes, reported the point of sale, noting that in the remainder of Chinese society cash practically disappeared.The change is peculiarly visible in urban markets, where even fruit and vegetable sellers trust on mobile payments.
Most taxi drivers no longer accept cash, and many tiny property stores do not have the chance to spend the rest, which completely discourages cash transactions.The dominance of WeChat and Alipay reduced the function of conventional banking services for many young Chinese who frequently usage bank services only for purposes specified as mortgage borrowing.
In response, the Chinese central bank accelerated the improvement of the digital currency, the digital yuan, with a view to maintaining monetary control in the face of an increase in the number of private payment platforms.
Pilot programs began in respective cities in 2019 and the smartphone app was launched in 2022.
Despite claims to open 260 million accounts, digital yuan remains mostly absent in everyday life, clouded by the convenience of existing applications.Efforts to advance digital yuan faced challenges, including arrest in 2024. Yao Qiana, erstwhile officer liable for digital currency research, on charges of corruption involving technology companies.
However, the Chinese central bank inactive advocates a global expansion of digital yuan, with the aim of reducing dependence on the US dollar and promoting an global multi-currency system.
Translated by Google Translator
source:https://www.rt.com/news/620778-china-cash-disappearing/
