Today In Payments: China’s Central Bank Tells Merchants To Accept Cash; EU Threatens Big Tech Breakup Over Anti-Competitive Practices

In today’s top news, the People’s Bank of China ordered merchants to accept cash and the EU has threatened to break up Big Tech firms if they violate anti-competition rules. Plus, PAYFORT, now Amazon Payment Services, now offers installment payments.

China’s Central Bank Tells Merchants To Accept Cash

The People’s Bank of China (PBoC) has warned merchants that they must accept cash or face an investigation and disciplinary action. Most businesses in China have gone digital, and some have stopped taking cash altogether — in part due to the coronavirus, but also as a means of cost control and user demand.

EU Threatens Big Tech Breakup Over Anti-Competitive Practices

Brussels published its tech legislation drafts for the Digital Services Act (DSA) and the digital Markets Act (DMA). If adopted, they will have repercussions for digital service providers both in the EU and outside it. The regulations would essentially hold tech companies responsible for any illegal behavior on their platforms.

MENA’s PAYFORT Is Now Amazon Payment Services

Amazon-owned payment service provider PAYFORT, which is based in the Middle East and North Africa (MENA) region, has changed its name to Amazon Payment Services and will now offer installment payments.

Square, POWDR Team For Contactless Payments On The Slopes

As skiers and snowboarders start returning to the slopes, Square has partnered with POWDR to offer contactless transactions at ski resorts across the U.S. and Canada. Over the last year, POWDR has been working to bring Square hardware, software and payments to its mountains.

Study: Manual AR Processes Slow Payments Collection By As Much As 67 Percent

Firms that rely on manual processes take 67 percent more time to follow up on overdue payments than those that use automated accounts receivable (AR) do – tough in the current economic climate. In the latest B2B Payments Innovation Readiness Playbook, PYMNTS examines how automating AR can significantly reduce businesses’ average days sales outstanding.

Virtual Cards Streamline, Simplify B2B Healthcare Payments

Healthcare-claims processors often have to pay out various amounts to a multitude of doctors — tough when those payouts can go to as many as 100,000 physicians. In the Digital Shift Report, Brett Rodewald, president and CEO of healthcare-claims processor Lucent Health, discusses how virtual cards help claims processors maintain flexibly and quickly deliver payments to providers.

Commuters Enjoy The Ride – As Long As There’s High-Speed Connectivity

The connected economy intersects with work at many points, including commuting. New studies from PYMNTS and others show that commuters are connected – but not necessarily looking forward to the daily grind.