CHINA China to make financial services more accessible for elderly


China to make financial services more accessible for elderly


19:24, November 27, 2020

The People's Bank of China. (Photo: Agencies)

BEIJING - China will roll out a raft of measures to make financial services more accessible for the elderly and help the group tackle the digital divide, according to the country's central bank.

Measures to improve cash management, payment services and inclusive finance will be adopted to make services more convenient for the elderly, said Li Wei, an official with the People's Bank of China (PBOC), at a press conference on Thursday.

The move followed a government plan unveiled on Tuesday, which specified measures to maintain traditional services for the elderly and help them overcome smart technology barriers.

To crack down on discrimination against the use of cash, the PBOC will launch a campaign to ensure utility service providers and service venues such as restaurants and shops do not turn down cash payments, Li said.

In an effort to help the elderly use mobile payment services, the central bank will guide businesses to upgrade their payment platforms and products, and will strengthen relevant publicity and education for the group.

Financial institutions will also be required to integrate online and offline inclusive financial services, especially those frequently used by the elderly, so that they can be tailored to their needs, Li added.

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