UnionPay transactions surge in Spring Festival spreeUpdated: 2014-02-10 13:25
BEIJING - China went on a holiday splurge during Spring Festival and transactions through UnionPay cards surged, the national bank card operator revealed on Saturday.
The total value of transactions at home and abroad through China UnionPay cards jumped 23 percent year on year to nearly 200 billion yuan ($32.8 billion) during the seven days of holiday from Jan 31 to Feb 6.
Card payments in supermarkets and shopping malls continued to lead the growth, up 22 percent and 27 percent, respectively.
Transactions in restaurants remained flat from a year earlier, with a notable drop in the single settlement value, suggesting consumption in the catering sector has been mainly driven by mundane events, the statement said, and partly a result of anti-corruption and frugality campaigns that have restricted high-end consumption.
In major overseas tourist destinations such as Japan and the Republic of Korea, UnionPay transactions continued to grow as more Chinese went abroad during the holiday.
China UnionPay is responsible for all bank card transactions on the Chinese mainland and has extended its reach to 142 countries and regions.
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