Briefing: UnionPay says mobile transaction volume increased 4.4 times during Spring Festival

1 min read

2019年春节银联网络交易达1.16万亿元 同比增长71.4% – TechWeb

What happened: The world’s largest payment card issuer, China UnionPay, said Monday that, compared with the same period last year, the number of payments through its mobile platform more than doubled and the payment amount jumped 4.4 times during this past Spring Festival. Total transactions over week-long holiday also soared 71.5% to a record RMB 1.16 trillion (around $170.6 billion).

Why it’s important: Chinese banks have been eager to increase their share in mobile payment in response to the rapid expansion of the payment services provided by tech giants including Tencent and Alibaba’s Ant Financial. In 2017, Chinese tech companies’ share of retail payments soared to nearly 50%, a significant jump from 2012’s 5%. The state-controlled UnionPay has been seeking to expand its mobile and QR code payment services in not only China but also international markets as more Chinese tourists are adopting mobile payments abroad.