On 23rd November, the People’s Bank of China had issued a 50-yuan commemorative banknote to celebrate the 70th anniversary of the country’s renminbi currency. However, social media users voiced their opinion that, releasing such a note was not necessary as most people make use of mobile payment systems such as WeChat Pay and AliPay.
China is going digital in a big way, which has its effects on monetary transactions as well. There are reports that even tourists find it difficult to travel in Chinese cities as most businesses accept mobile payments exclusively. Media houses note that hongbao and red envelopes are also getting replaced by digital money and gifts during Chinese New Year.
The commemorative note topic has been trending on Chinese social media websites. People say that they haven’t used cash since a very long time and they don’t even remember how the original 50-yuan note looks. Many of them don’t carry even a single cent with them.
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