The transaction volume via the UnionPay network reached a record high of over one trillion yuan during the Chinese National Day Holiday

Stocks and Financial Services Press Releases Wednesday October 11, 2017 08:55
SHANGHAI--11 Oct--PRNewswire/InfoQuest

This year, the Chinese National Day Holiday overlapped with the Mid-Autumn Festival, causing an 8-day Golden Week. From October 1st to 8th, the total transaction volume via the UnionPay network set a new record: 1.37 trillion yuan, while the number of transactions reached 728 million, marking a year-on-year growth of 36.2% and 11.7% respectively.

The daily spending at China's retail and catering merchants grew by 10.7% year-on-year during this Golden Week, according to China's Ministry of Commerce, while the number of daily consumption via the UnionPay network increased by 15%.

In particular, the extra-long holiday boosted Chinese people's enthusiasm for travelling. The daily transaction number of UnionPay in transport (aviation, railway and highway) grew by 52% year-on-year. With UnionPay's construction of "Smart Transportation" in the country, cardholders are able to pay with mobile phones to take buses/subway or entering airports.

The transaction volume in accommodation and catering and shopping witnessed the fastest growth, while the daily transaction number at hotels and hostels grew by 37%, and that at catering merchants, 22%.

The fast popularization of UnionPay's innovative payment services substantially enhances consumer experiences. The daily transaction number and volume of UnionPay mobile QuickPass increased by 19% and 214% respectively. And since its launch earlier this year, UnionPay QR Code Payment has witnessed rapid growth in transaction number and volume, both of which grew by over 50 times during this Golden Week compared to that during the Labor Day Holiday.

UnionPay is also the payment method that Chinese outbound tourists like to use abroad. The UnionPay transaction made outside the Chinese Mainland displayed some new features. First, Chinese people are traveling to more destinations and many prefer free-and-independent travelling. Destinations such as the UAE, Sri Lanka, Morocco and Israel are becoming the new favorites. Second, innovative UnionPay payment products represented by mobile QuickPass are popular among tourists. For instance, the transaction number via Mobile QuickPass in Singapore and Australia grew by about 5 times. Third, free-and-independent tourists are looking for more diverse and localized experiences. As a result, an increasing number of merchants are accepting UnionPay to attract Chinese tourists. UnionPay's transaction volume at restaurants, supermarkets and scenic spots grew substantially.

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