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People spend more during the holiday
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Chinese bankcard owners' payment size through China UnionPay's network during the three-day labor day added 40.6 percent while the number of payments rose 18.4 percent from a year ago, thanks to adoption of new payment methods such as mobile payment.
Total transaction size over the three-day period was 370.6 billion yuan and the number of payments hit 270 million, UnionPay said in an email statement yesterday.
Chen Han, data analyst at China UnionPay, said that a lot of consumers took short trips during the Labor Day break, and mobile payment became the latest trend.
Overseas payments also added 12 percent thanks to the picking up of outbound trips.
In a separate report, Tencent said its WeChat payment also recorded exponential growth during three-day break. Cross-border payment settled through WeChat Wallet more than doubled from the average level during the Spring Festival this year.
Out of the 1.4 million WeChat users that took overseas trips, the most preferred destinations include Hong Kong, the United States, Japan and Thailand.
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