Two private Chinese banks announced last month the suspension of services involving banknotes or coins, setting the tone for a completely cashless society, reported the South China Morning Post.
While NewUp Bank of Liaoning will stop cash services from March, Beijing-based Zhongguancun Bank will stop dealing in cash from April.
Beijing is already working on a nationwide pilot scheme to roll out its digital currency, the e-yuan. Chinese shopping platform Meituan is already letting over 200 types of offline retailers accept payments in the digital yuan. The move against the backdrop of the People’s Bank of China insisting that merchants accept banknotes and coins, noted the report.
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Editing by Collin Furtado and Arpit Nayak
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