China’s Central Bank Helps to Keep Cash Alive

Mobile payments in China have taken off in recent years as Ant Financial and Tencent dominate the market; in recent week China’s central bank has worked to ensure cash payment is still an option at supermarkets and other retail stores; there were 602 cases of cash refusal that the PBoC investigated with 558 being resolved through education like rearranging the supermarket to make cash payment more visible; the government has also gone directly at Tencent and Ant Financial to try to limit their growing power; cash is not yet obsolete, in particular for the poor as it is still a lifeline for those who cannot afford the latest in technology. Source.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!