China sees online payments soar during Singles' Day shopping spree

Xinhua
Total transactions and their monetary value surged during China's "Double 11" shopping spree, the biggest discount period of the year, data from the central bank showed Thursday.
Xinhua

Total transactions and their monetary value surged during China's "Double 11" shopping spree, the biggest discount period of the year, data from the central bank showed Thursday.

Online payments through NetsUnion, the Chinese online-payment clearinghouse, and China UnionPay, a card-payment giant, soared 19.6 percent year on year to 1.77 trillion yuan (US$267.22 billion) on Wednesday, according to the People's Bank of China (PBOC).

A total of 2.24 billion transactions were completed through the two platforms on the same day, an increase of 26.08 percent year on year.

The two platforms processed a record high of 109,000 transactions per second at the peak time on Wednesday, up 26.19 percent from a year earlier, the PBOC said.

From November 1 to 11, online payment through NetsUnion rose 42.59 percent year on year to 14.1 trillion yuan, while the average daily payment of China UnionPay climbed 36.78 percent compared with that in October.

The PBOC said it will strengthen the construction of payment infrastructure and help the banking and non-banking payment institutions provide safe and convenient services.

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