February 29 2024

China’s online transactions rise during Spring Festival holiday

China's online transactions saw a robust increase in both volume and value during the just-concluded Spring Festival holiday, data from Chinese online payment clearing house NetsUnion Clearing Corporation, and card payment giant China UnionPay showed on Sunday.

The two platforms handled an average of 2.63 billion online transactions each day from Feb 9 to 17, up 18.6 percent from the previous Spring Festival holiday season.

The daily average transaction value involved increased 8 percent from the previous holiday period to hit 1.25 trillion yuan ($176 billion).

Driven by the holiday consumption boom, online payment rose significantly in sectors including catering, accommodation, tourism, retail, and entertainment, the data revealed.

The Chinese Lunar New Year, or the Spring Festival, is China's most important festival, falling on Feb 10 this year. It is usually a period for vibrant consumption activities as people return home for family reunions or travel to popular tourist destinations to celebrate the holiday.