China’s Central Bank Rejects Alibaba, Tencent’s Push For Cashless Society

Alibaba and Tencent wanted to kill cash. But their dreams of a cashless society may get crushed first.

Concerned about the declining use of China's fiat currency and alarmed by reports of merchants refusing the RMB as payment, the People's Bank of China has taken action to ban, or at least limit the use of the word "cashless" in promotional materials published by digital payment giant Alibaba's Ant Financial.

At the beginning of the year, Ant Financial's third-party payment service Alipay announced their intention to create a "cashless society" in China within the next five years. Since then, it has formed partnerships with numerous Chinese cities to build "cashless cities". Similarly, Tencent's TenPay has committed massive resources to push their "cashless agenda", in order to get consumers to use its mobile payment services instead of pay...

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