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Online transactions surge for UnionPay
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Online spending and transactions received a strong boost during the Chinese New Year holiday, thanks partly to the “stay put” policy, according to data from China UnionPay.
Over the seven days, online deals via UnionPay hit a record 1.38 trillion yuan (US$213 billion), up 4.8 percent over the same period last year.
The number of transactions made through its mobile app soared 30.7 percent year on year, with online payment services such as money transfer and online ticketing most favored by consumers, China UnionPay said.
Dining, shopping, travel and entertainment were the main drivers of people’s daily consumption during the holiday.
From a regional perspective,
Chongqing City, Jiangxi Province and Qinghai Province recorded the fastest year-on-year growth in holiday consumption, each with a rise of more than 15 percent.
Transactions in daily necessities, large household appliances, hotel accommodation and catering enjoyed big growth, the banking card association noted.
In terms of daily necessities, for instance, the year-on-year growth rate of consumption in Shanghai, Zhejiang Province and Chongqing ranked among the top in the country.
Unlike earlier Spring Festival periods, consumption by “locals” jumped 13.6 percentage points compared with the same period a year ago due to the government’s call to stay put, UnionPay data showed.
Across the country, provinces such as Liaoning, Shandong, Gansu and Jiangsu had the highest increase of local consumption compared with the same period last year.
To boost consumption, China UnionPay said it teamed up with banks and nearly 600,000 merchants to offer consumers discounts and other benefits during the holiday.
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