The Transaction Volume via the Unionpay Network Reached a Record High of over One Trillion Yuan During the Chinese National Day Holiday

Publish Time:2017-10-12 17:35:19Source:

【Introduction】:This year, China’s National Day Holiday overlaps 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:

This year, China’s National Day Holiday overlaps 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 reaches 728 million, marking a year-on-year growth of 36.2% and 11.7% respectively.

The number of daily consumption grew by 15% year-on-year, and in some regions it increased by over 50%

UnionPay data show that Chinese people’s holiday spending not only increased but also upgraded during this extra-long holiday.

“In total, the transaction volume of UnionPay had exceeded one trillion for the first time in history in the first seven days of the Golden Week, and one day later, the transaction volume reached 1.37 trillion yuan,” said Chen Han, a data analyst at China UnionPay, “As for growth rate, 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. Meanwhile, the number of daily consumption via the UnionPay network increased by 15%, with Xiamen, Qingdao and Anhui being the regions witnessing the fastest growth: that is over 50%.”

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, among which purchase number for highway tickets increased by 69%. 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 via UnionPay mobile QuickPass, which offers smooth traveling experience.

During the holiday, the transaction volume in accommodation, catering and shopping witnessed the fastest growth. Data show that the daily transaction number at hotels and hostels grew by 37%, and that at catering merchants increased by 22%. Catering and accommodation are significant parts of tourist spending.

Transaction via UnionPay mobile QuickPass and QR Code grew rapidly

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 both transaction number and volume. During this Golden Week, the daily transaction number and volume of UnionPay QR Code Payment grew by over 50 times compared to that during the Labor Day Holiday.

Niche travel destinations are gaining steam, and UnionPay innovative payment products are favored by Chinese outbound tourists

The UnionPay card 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 of Chinese tourists. 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. And UnionPay’s transaction volume at restaurants, supermarkets and scenic spots grew substantially.

In the meantime, many Chinese tourists like to enjoy the privileges offered by UnionPay. Taking UnionPay’s cross-border marketing platform U Plan as an example, both the number and transaction volume of U Plan coupons used multiplied several times compared to last year’s Golden Week, and U Plan merchants in Hong Kong, Macau and Thailand are the most popular.

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