China is leading the way on digital transaction once again, its online payments during the recent Spring Festivity saw a massive increase despite the nation not involved in any lockdown.
A report from NetsUnion, a Chinese online payment clearinghouse, and China UnionPay announced a spike in consumer usage via these platforms from Feb. 11 to Feb holiday period. Combined spending totaled totaled 6.36 trillion yuan (about 985.5 billion U.S. dollars), NetsUnion processed 7.94 billion online payment transactions during this year’s holiday, with the total transaction volume reaching 4.98 trillion yuan.
The company saw a 66.61-percent surge in average daily transactions compared with that made during the same holiday last year, while its transaction volume soared by 84.07 percent.
Online payments through China UnionPay hit a record high of 1.38 trillion yuan during the Spring Festival holiday an 4.8 percent increase from last year’s holiday. The country had a buoyant consumption activity during the holiday with combined sales of retail and catering enterprises rising by 28.7 percent, year on year, to 821 billion yuan, data from the Minitry of Commerce showed.
