People’s Bank of China Fines Businesses for Refusing to Accept Cash

What’s new: China’s central bank fined an insurer and a car dealership for refusing to accept cash payments from customers as the country boasts the highest mobile payment usage of any market worldwide.

A unit of China Life Insurance Co. Ltd. was fined 190,000 yuan ($26,800), and Beijing Dashihang Auto Co., a dealership of General Motors’ Buick, Chevrolet and Cadillac made by its Chinese joint venture, was fined 50,000 yuan, the People’s Bank of China said Friday in a statement. Executives responsible for the violation were fined 10,000 yuan each, the central bank said.