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Bankcard transactions jump during Labor Day holiday
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Cross-bank bankcard transactions through China UnionPay's network increased 10 percent during the Labor Day holiday from the same period last year due to increased retail spending.
Total transactions reached 180 million during the Labor Day holiday from May 1-3 with the value reaching 220 billion yuan (US$35.2 billion), UnionPay, the country's sole bankcard transaction firm, said yesterday.
The increase in bankcard transactions was attributed mostly to spending on daily necessities and cash withdrawals from automatic teller machines.
Travel and transportation related spending were also big contributors during the holiday spending spree. Airline tickets and gas station expenditures increased 23 percent and 55 percent respectively from the same period a year ago.
Transactions at supermarkets jumped 22 percent while home appliance retailers saw a 12 percent rise during the holiday.
Southeast Asian countries remain the top destinations for short-term overseas trips, according to UnionPay.
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