Xi'an's financial report card is very heartwarming

This article is reprinted from: Xi’an Daily

In the era of diverse payment methods, how does cash “run smoothly”?

Xi’an’s financial response is very heartwarming

The three major cash bags from passenger transport companies are being deposited into banks and integrated into the cash circulation.

■Reporter Li Meng Text/Photos

Today, with the increasing popularity of mobile payments, small change still plays an indispensable role in daily life, quietly connecting citizens’ everyday consumption with warm financial services.

On February 1 this year, the “Regulations on Cash Receipts and Payments and Services of Renminbi” (hereinafter referred to as “Regulations”) officially came into effect. The new rules will effectively safeguard the legal status of Renminbi as the official currency, prevent and rectify the refusal to accept cash, meet the diverse payment service needs of the public, and create a convenient cash circulation environment under the development of multiple payment methods.

More than a month after the implementation of the new cash receipt and payment regulations, reporters recently visited various fields including consumer businesses and financial institutions to document the “journey” of small change and coins—from bus coin boxes to bank counters and back to the market—witnessing Xi’an’s efforts to accelerate the construction of an inclusive, compliant cash payment network, ensuring cash payments flow smoothly in convenient services.

The “burden” of passenger transport companies: dealing with change daily

Recently, the reporter visited Chang’an District Passenger Transport Co., Ltd. (hereinafter referred to as Chang’an District Passenger Transport Company), and saw piles of money bags just collected from buses on their finance office desk. Staff members were skillfully counting stacks of 1-yuan bills and a large number of coins, including many 1-jiao and 5-jiao bills.

As the main public transportation provider covering the entire district and over 98% of towns, Chang’an District Passenger Transport Company operates more than 30 bus routes with a 2-yuan flat fare system.

“Although fewer passengers are now paying with coins than before, for many elderly people who are not used to smartphones, middle and primary school students, and some citizens traveling temporarily, coin insertion remains their choice for riding,” said Yan Pei, head of the finance department of Chang’an District Passenger Transport Company. “These small change must be counted, sorted, and bundled on the same day. This is our daily work and a heavy responsibility.”

The “silent” bridge between banks and enterprises: recycling change is no longer difficult

Accumulated small change, how to quickly and safely deposit it into the bank, used to be a “headache” for enterprises. However, the tacit cooperation between banks and passenger transport companies has solved this problem.

On March 10, the reporter visited the Industrial Bank’s Xi’an Aerospace New City branch and met Li Bo, a finance staff member from Chang’an District Passenger Transport Company, who was there to deposit change.

“I come almost every day. Today, I brought three big bags of change,” Li Bo said as he set down the heavy “results” and filled out the cash deposit slip.

In traditional models, large cash deposits of small change took a long time. But this bank optimized the small-denomination renminbi exchange reservation service, significantly reducing the time spent at the counter. Li Bo’s entire transaction took only about ten minutes. The reporter learned that this process does not skip cash counting; rather, under mutual agreement and without increasing the enterprise’s burden, bank staff use non-peak hours to count and verify the coins under full surveillance, improving service efficiency while strictly adhering to safety and compliance standards.

“During daily cash counting, finance staff classify, organize, and tally the change. After so many years of cooperation, we have developed a very good understanding,” Yan Pei explained.

“Reactivating” change: activating the market micro-circulation

“Currently, the coins and small bills recycled by our Aerospace New City branch account for a high proportion of the bank’s total inventory. The recycled change is not the end of circulation but a new starting point for cash flow,” said a relevant person from Industrial Bank’s Xi’an branch. The branch manages the recycled change centrally, sorts it professionally, and reintroduces bills that meet circulation standards into the market, effectively improving cash recycling efficiency.

Since 2024, Xi’an has fully implemented the “Opinions of the General Office of the State Council on Further Optimizing Payment Services and Improving Payment Convenience.” To address difficulties faced by the elderly in using smart technology for payments and issues with change, all financial institutions in the city have taken multiple measures, relying on a grid-based cash service management mechanism to provide “change pocket” services.

“We run a game hall, and every day we need a large amount of coins to give change to customers, especially 1-yuan, 1-jiao, and 5-jiao coins,” said Wang, who operates a game hall in Xi’an. “I go to Industrial Bank to exchange thousands of yuan in small change every month. Now, just tell the teller I need coins, and they know my ‘usual’—it’s quick and accurate,” he said with a smile.

In addition, financial institutions have issued “change pockets” to taxi drivers and the elderly in Xi’an. The “change pockets” at bank counters have also become a “timely rain” for nearby merchants.

“Our supermarket has many elderly customers, and everyone prefers cash. For buying vegetables, giving change, or buying snacks for children, the most needed are 1-yuan and 5-mao coins. In the past, exchanging change at the bank meant waiting in line for a long time. Now, if we notify the bank in advance, it’s much faster,” said a convenience store owner in Xi’an.

“We classify, disinfect, and repackage the change sent by the bus company, then ‘targeted’ distribute it based on the needs of nearby merchants. Game halls need coins, supermarkets need small bills, and we keep track of all this. This way, the bus company’s change isn’t accumulated, merchants’ change is guaranteed, and citizens can use coins for riding—it’s a win-win situation,” said Shen Jinjing, accounting supervisor at Industrial Bank’s Xi’an Aerospace New City branch.

During the interview, the reporter took a bus. As driver Liu was about to pay with a 2-yuan bill, he said, “This might be the change I got from the supermarket this morning after buying vegetables, and now I’m using it for the bus. For us elderly who don’t use smartphones much, cash is the most reliable.”

Coins and bills circulate perfectly among banks, merchants, citizens, and bus companies, completing a closed loop. Small change is not overwhelmed by the digital wave—in fact, under thoughtful financial services, it continues to nourish the city’s “capillaries.”

From the bus company’s diligent counting, to bank innovations, and the recycling of change, Xi’an has used bank-enterprise cooperation to ensure smooth cash flow and genuinely benefit every citizen. Small change, like a warm symbol, witnesses the city’s efforts to bring financial services to the grassroots and serve people’s livelihoods.

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What to do if cash payments are not smooth?

When encountering difficulties with cash payments, it is advisable to negotiate amicably with the charging unit or business operator to resolve disputes and protect rights lawfully. If cash is refused or discriminatory measures are taken to exclude cash, retain relevant evidence or clues properly, and report or complain through city government hotlines, consumer rights protection channels, or financial consumer rights protection channels. The People’s Bank of China will coordinate with relevant departments to handle the issue promptly.