UnionPay transaction volume reached a new peak

During the 2018 New Years holiday (from Dec 30, 2017 to Jan 1, 2018), the total transaction volume of UnionPay reached a new record high of 700.8 billion yuan, growing by 36.8% compared to the 2017 New Years holiday (from Dec 31, 2016 to Jan 2, 2017). The transaction number and volume of UnionPay QR code, driven by the launch of the unified APP of Chinas banking industry, increased by 11.6 and 19.8 times respectively compared to last Dragon Boat Festival holiday (from May 28 to 30, 2017).

Shopping is still the major part of customers spending, growing by 41.9% year-on-year as many merchants were offering year-end promotions. 83% of the total purchasing was at supermarkets, general merchandise and household appliances merchants. The transaction volume of UnionPay cards at food and beverage merchants in China grew by 70% year-on-year during this New Years holiday.

Transportation is another major spending item since many people travel during the Holiday. The transaction volume of public transport including aviation, railway and expressway witnessed a year-on-year growth of 43.6%. Refueling spends grew by 48.1% compared with the same period of last year since more people went on self-driving tours.

It is worth noting that, the launch of the unified APP of Chinas banking industry, Mobile QuickPass, as well as the year-end special offers provided by UnionPay boosted the use of UnionPay mobile payments including UnionPay QR code and UnionPay contactless QuickPass. The transaction number and volume of UnionPay mobile payments increased by 3.5 times and 2.5 times respectively, compared to last Dragon Boat Festival.

In addition, the Chinese tourists have got used to paying with UnionPay cards when traveling abroad. During the Holiday, tourists used UnionPay cards in more destinations. Emerging tourist destinations such as India, Sri Lanka, Cambodia, Russia, Kazakhstan and Czech Republic become the new favorites of Chinese tourists, and the transaction volume of UnionPay cards at catering, accommodation, entertainment, tourist attractions and travel booking merchants grew remarkably.

Benefitted from the increasingly expanding acceptance of UnionPay mobile QuickPass outside mainland China, the transaction volume of UnionPay mobile payment at merchants in Hong Kong, Macau, Singapore, Australia and Malaysia grew remarkably.