China UnionPay's mobile payment transactions soar in mid-year shopping festival
China UnionPay, the country’s banking card association, announced that the number of payments made via QR code and on its mobile app both hit record highs during the mid-year shopping festival from May 31 to June 2.
During the annual three-day event, UnionPay's QR transactions almost tripled compared with last year, while the number of payments through its mobile application Cloud Quick Pass doubled.
This year, as many as 600,000 sellers of both online and offline took part, three times more than last year.
The association also expanded partnerships with commercial banks, with 17 lenders offering discounts and bonus points to encourage spending.