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Two Chinese Banks turn all Cashless





China has taken two steps closer to a fully cashless economy after two small private Chinese banks announced last month that they would end services related to bank notes and coins, according to a South China Morning Post report Friday (Feb. 4).

Beijing-based Zhongguancun Bank will end cash services, including over-the-counter deposits and withdrawals and cash services on ATM machines, in April, while NewUp Bank of Liaoning will end its cash services in March, the report says.

Chinese residents have long relied on Tencent Holdings’ WeChat Pay and Alibaba Group Holding’s Alipay over cash and Beijing has been conducting a nationwide pilot scheme for digital currency known as e-yuan. So far, more than 261 million people having downloaded the wallet app since it launched last year.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.










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