Refusing cash not an option for mobile payment firms

China is becoming increasingly digitalized, with people, especially the youth, preferring to use mobile apps to pay for almost anything, from food to air tickets. No doubt, mobile payment platforms, notably WeChat Pay and Alipay, are responsible for making possible this trend. But despite that, recent efforts by Alipay to promote cash-free living in some cities have created controversy after some participating merchants refused to accept cash, or payments made in renminbi in China's case.

The People's Bank of China, the country's central bank, quickly stepped in. A local branch of the central bank reportedly required Ant Financial, which runs Alipay, to change the wordings of its promotion by deleting "cashless" from its advertisements.

The central bank's intervention has sparked heated discussions on China's social media platforms, with some accusing it of "overstepping" its authority and others supporting its regulatory move.