Central Bank of China considers Alipay, Wechat's "cashless" campaign misleading
ANBOUND
Both Alipay and Wechat have proposed the notion of entering "cashless society" within five years, and have also organized a series of marketing campaigns such as “cashless city week”. The Central Bank of China however, believes that part of the campaign pushing for cashless transaction and the campaign using Ant Financial service to build cashless cities has undermined the liquidity of RMB as the only legal tender in China with its themes and ways of advertisement, and has the social impact of creating misconception among the public. The Central Bank, therefore, had an appointment with the head of the public relation of the Ant Financial, demanding the removal of the phrase “cashless “ in their future campaigns.