News in Brief

Don’t Refuse Cash Initiative in China

Even China isn’t immune from ‘less cash’. One bank, ICBC, has taken action in Taizhou in Jiangsu to remind people about the requirement for merchants to accept cash in its branches. In addition to promotional materials and videos made available through touch-integrated screens on its ATMs, leaflets have been handed out to waiting customers.

Corporate customers have been asked to sign a ‘Letter of Commitment Not to Refuse to Accept Cash’. It asks them to abide by laws and regulations requiring the acceptance of cash to maintain the order of renminbi cash circulation.

ICBC’s ‘don’t-refuse-cash’ initiative was put online using the bank’s official WeChat account, WeChat groups and websites, along with its Weibo and other multimedia platforms. Weibo is one of China’s largest social media platforms. ICBC staff have gone out of the office, and branch, to visit places where transactions are made – business districts, supermarkets, farmers’ markets etc. – to understand cash needs.