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Value of China UnionPay transactions jumps 48%
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DOMESTIC consumers' bankcard transactions through China UnionPay's network in both domestic and overseas markets jumped 48 percent in value last year, with retail spending leading the way.
Total bankcard expenditures in 2013 amounted to 32.3 trillion yuan (US$5.3 trillion), said China UnionPay, the country's sole bankcard transaction firm.
Increased spending at department stores, supermarkets and gas stations were the major contributors to the total, while the pace of hotel and restaurant spending slowed amid the government's efforts to rein in excessive expenditures on luxury items and services.
UnionPay has been extending its network to lower tier cities to cover a wider range of consumers, with the number of merchants and point-of-sale machines that accept UnionPay's cards growing by 58 percent and 49 percent, respectively, in the past year.
A total of 142 overseas countries and regions are now covered by UnionPay's network as the number of Chinese overseas travelers kept climbing.
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