Bankcard payment surges on holiday spending

By Ding Yining | January 2, 2014, Thursday |

Online Edition

Domestic consumers' payment through China UnionPay network during the New Year's Day holiday this year surged 53 percent from a year ago and reached 100 billion yuan (US$16.4 billion) for the first time, China UnionPay said today.

UnionPay, the country's sole bankcard transaction company, said expenditure through bankcards on January 1 boomed especially at local retailers.

Transaction size at jewelry stores rose 77 percent from a year ago as relatively low gold prices pushed up demand.

Spending at supermarkets and home appliance retailers also added 52 percent and 43 percent respectively, UnionPay said.

Cross border transaction was more than 9 times that of last year, as online purchasing becomes the latest trend among young consumers.

Business Consumer

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Bankcard payment surges on holiday spending

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