China UnionPay Settled USD171 Billion Worth of Payments Amid Lunar New Year Holiday
Dou Shicong
/SOURCE : yicai
China UnionPay Settled USD171 Billion Worth of Payments Amid Lunar New Year Holiday

(Yicai Global) Feb.12 -- The value of transactions that UnionPay, the biggest Chinese bank card provider, facilitated during the Chinese New Year holiday exceeded CNY1 trillion (USD147.3 billion) for the first time.

The tally reached CNY1.16 trillion (USD171 billion) during the one-week holiday period that ended on Feb. 10, up over 71 percent from last year, the Shanghai-based firm said on its website yesterday. 

Daily consumption rose 75 percent from last year during the festive season. Among the segments, purchases of gold and jewelry increased over 90 percent. Traditional New Year goods and activities maintained steady growth. Consumers in central and western China spent more on food and beverages than in other regions. 

Skiing, fitness and other sports have become increasingly popular, while sports consumption more than doubled from last year. Vacationers also spent two-fold on movie and theater tickets. People in western China splurged more on entertainment than those in other parts of the country. 

Consumption related to tourism, including travel agencies, attractions, and lodging, rose over 90 percent from last year. Chinese tourists used UnionPay cards in 137 countries and regions, which is ten more than last year. UnionPay card transactions in countries along the Belt and Road increased significantly, including Myanmar, Morocco, India, Turkey and Finland.

The number of transactions on UnionPay's mobile payment platform increased more than two times and the value of them rose over four times. The overseas use of UnionPay's mobile phone Cloud Flash-payment application with QR code payments also doubled.

UnionPay cardholders from 37 countries and regions made use of this type of payment method in China over the holidays, up over 20 percent annually. 

Editor: Emmi Laine

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Keywords: China UnionPay , Chinese New Year