As a member living in Hangzhou, Bian Xiao still has deep feelings about the concept of "no cash" put forward by Alipay. In Hangzhou, from buying breakfast to buying electrical appliances, everyone can pay with Alipay. People carry less and less cash with them.

"Cashless society" simply means that with the full coverage of the network and the improvement of the security level, most social commodity exchanges and trade cancel the monetary settlement payment behavior and realize the virtual monetary payment of network data. In history, people's settlement and payment can be said to have experienced two revolutions. The first time it was a simple barter using metal currency, and the second time it evolved into promoting paper money because of the inconvenience of using metal currency. 10 years ago, paper money was still very common, and red "Grandpa Mao" pulled out of his wallet could be seen everywhere. Now, it can be said that the era of "no cash" is the third revolution of monetary payment and settlement means.

At present, advanced Internet scientific and technological information such as big data and cloud computing has created conditions for a cashless society. With the increasing frequency of social transactions, cashless payment improves efficiency. With the expansion of economic exchanges between enterprises, it has become increasingly difficult to meet the diversified needs of enterprise economic activities by using traditional cash settlement payment methods in the past. At the same time, using "cashless" payment can also query transaction records and reduce the economic losses caused by counterfeit banknotes.

There is still a long way to go in a cashless society.

So why did the central bank stop the "no cash" propaganda? Bian Xiao found that according to Articles 2 and 3 of the Regulations on the Administration of Renminbi in People's Republic of China (PRC), "Renminbi as mentioned in these Regulations refers to the currency issued by the People's Bank of China according to law, including banknotes and coins" and "Renminbi is the legal tender in People's Republic of China (PRC)". No unit or individual may refuse to pay all public and private debts in People's Republic of China (PRC) in RMB. "... Therefore, merchants' refusal to accept cash has violated the relevant provisions of the Regulations on the Administration of RMB.