At a breakfast stall, Mr. Li pulled out neatly folded change to buy two fried dough sticks, only to be waved away by the owner who said, "We only accept QR code payments." At a community payment window, Ms. Wang clutched cash withdrawn from her retirement savings book to pay her property management fees, only to be told, "Cash is not accepted." These frustrating cash payment dilemmas in daily life will soon be addressed with clear regulations. Recently, the People's Bank of China, together with the National Development and Reform Commission and the State Financial Regulatory Commission, formulated the "Regulations on RMB Cash Payment and Services" (hereinafter referred to as the "Regulations"), aiming to create a convenient cash circulation environment under the co-development of diverse payment methods.
The Renminbi (RMB) is my country's legal tender. As the most basic payment tool, RMB cash plays a crucial role in serving the real economy, achieving inclusive finance, and maintaining financial stability. In recent years, although the concept that "refusing cash is illegal" has gradually gained traction and related complaints have significantly decreased, the decline in businesses' willingness to accept cash is widespread and a trend, making it difficult to completely eliminate the practice of refusing cash.
The "Regulations" were created in this context. Industry insiders believe that the "Regulations" aim to further clarify the cash service obligations of various fee-charging units, operating entities, and banking financial institutions, guide and regulate all relevant entities to jointly build and maintain a favorable environment for the circulation and use of RMB cash, and ensure the continuity and effectiveness of the work to rectify the refusal to accept cash and optimize the cash use environment.
Adhere to the "Five Basic Principles"
The regulations were formulated in accordance with five basic principles.
First, we adhere to the principle of serving the people through finance. The work related to improving the cash circulation environment is a fundamental project for the People's Bank of China to practice serving the people through finance. Guided by the principles of serving consumption and safeguarding people's livelihoods, we encourage and support the diversified development of payment methods while giving full play to the advantages of various payment means, fully respecting the public's right to choose their payment methods, and meeting the public's multi-level payment needs.
Second, we must adhere to a problem-oriented approach. For new problems and phenomena arising in the cash receipts and payments sector, we must not only focus on the causes and characteristics of these problems, but also accurately grasp their specific manifestations in different areas and scenarios, and implement differentiated policies to ensure effectiveness.
Third, we will adhere to a comprehensive approach. We will standardize the cash receipt and payment behavior of fee-collecting entities and business operators, and enhance their willingness to accept and pay cash. At the same time, we will urge and guide banking financial institutions to optimize cash services, improve the ease of obtaining cash, and contribute to the construction of a favorable cash payment environment.
Fourth, we must adhere to collaborative governance. We must uphold the principles of joint construction, joint governance, and shared benefits, leverage the multi-departmental consultation mechanism for addressing the refusal to accept cash, unify policy consensus, clarify policy standards, strengthen inter-departmental coordination, and ensure that cash payment channels remain open in all sectors.
Fifth, we will uphold the principle of punishing violations according to law. We will ensure smooth channels for complaints and reports, and respond promptly to public feedback. Those entities that refuse cash and attract high public attention and have a wide-ranging impact will be severely punished according to law. We will highlight typical cases, conduct extensive publicity, and guide all sectors of society to jointly safeguard the legal tender status of the Renminbi.
What to do in these scenarios?
In recent years, under the wave of the digital economy, mobile payment has become mainstream due to its convenience and efficiency. New service models such as unmanned bus tickets and self-service payment machines are ubiquitous in our lives. However, this does not mean that the demand for cash payment can be ignored. On the contrary, the more technological innovation there is, the more important it is to take into account the payment needs of different groups and to provide smooth channels for cash users.
The regulations specify clear requirements for different payment scenarios: For transactions involving manual collection, face-to-face service, online booking and transactions completed offline, and where face-to-face payment is feasible, cash payments should be supported, and a reasonable amount of change should be kept on hand. Furthermore, for self-service models such as unmanned operations and automated equipment, as well as locations like industrial parks, factories, scenic areas, and schools that use a unified card system for settlement and management, operators should prominently display payment methods, cash collection and conversion methods, and service contact numbers.
Furthermore, if all transactions, payments, and services are completed online, the charging entities and operators should disclose the payment methods in advance, fully respecting the public's right to know and right to choose. If the charging entities or operators entrust other entities to collect payments on their behalf, the entrusting party should require the entrusted party to accept cash through written agreements, notices, or declarations. At the same time, when promoting digital government services and innovating business models, charging entities should fully consider the public's need for cash and potential unforeseen circumstances, and should not exclude or discriminate against cash payments.
In short, cash should not be excluded or discriminated against; public needs and emergencies must be taken into account.
Commercial banks need to "keep up" with their services.
The regulations also explicitly require banking financial institutions to accept RMB deposits from individual customers and to have physical business premises to handle cash deposit and withdrawal services and provide cash services. The number and layout of branches and ATMs must meet the needs of different groups. Furthermore, banks must regulate the counting of cash withdrawals to prevent the use of RMB that is not suitable for circulation for external payments and to mitigate various business risks. When acting as a fee-collecting unit or a trustee for receiving payments from operating entities, banks must also support manual cash collection.
What should you do if you encounter cash payment difficulties in the future? Reporters learned that the public can first try to negotiate amicably with the business operator. If they encounter refusal to accept cash or discriminatory measures, they can preserve evidence and file complaints through city government hotlines, consumer rights protection channels, etc. The People's Bank of China will work with relevant departments to handle the matter promptly.
"The promulgation of the 'Regulations' not only protects the rights and interests of cash-loving groups such as the elderly and rural residents, but also encourages the coordinated development of diverse payment methods within a legal framework," said an industry expert.
