Chinese Banks Pioneer Cashless Transactions

Two private Chinese banks announced that they will suspend services that use physical money, possibly launching a cashless society, the South China Morning Post reported.

NewUp Bank of Liaoning will stop cash services starting in March, and Beijing-based Zhongguancun Bank starting in April.

The government is planning a nationwide pilot of the digital currency e-yuan. Meanwhile, the shopping platform Meituan has allowed about 200 types of offline retailers to transact using digital yuan payments, defying the People‚Äôs Bank of China’s insistence that merchants accept banknotes and coins.