China UnionPay's Online Transactions Hit Record USD108 billion Over New Year
Dou Shicong
/SOURCE : Yicai
China UnionPay's Online Transactions Hit Record USD108 billion Over New Year

(Yicai Global) Jan. 3 -- China UnionPay Co. said online transactions set a record of CNY701 billion (USD108 billion) during the New Year holidays, gaining 37 percent from a year earlier, thanks to more mobile and overseas payments as well as year-end special offers.

Retail spending climbed 42 percent between Dec. 30 and Jan. 1, while that for food and beverage jumped 70 percent and transport, 44 percent, the Shanghai-based card services provider said in a statement today.

Rising levels of consumption in China is translating into more discretionary spending at New Year, particularly on shopping and wining and dining. Bankcard holders also shot their wads in other countries, with Belt and Road nations such as India, Sri Lanka, Cambodia, Russia, Kazakhstan and the Czech Republic becoming hot new tourist spots for Chinese visitors. Year-end special offers from UnionPay also played a part.

China UnionPay also introduced its Quick Pass app at year's end. That boosted UnionPay QR code payments twelve-fold by volume and twenty-fold by value over compared with last year's Dragon Boat Festival (May 28 to May 30). 

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Keywords: China UnionPay , New Year Holiday , QR Code , Quick Pass