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People’s Bank of China: Online payment transactions have continued to grow since New Year’s Eve-News Center-Northern Network

by admin

China’s online payment transactions have seen a significant increase since the beginning of the Lunar New Year, according to the People’s Bank of China. From New Year’s Eve to the fifth day of the Lunar New Year in 2024, Netlink Clearing Company and China UnionPay processed a total of 15.38 billion online payment transactions, with an amount of 7.74 trillion yuan. This represents a year-on-year increase of 15.8% and 10.1% respectively.

The data from the People’s Bank of China indicates that the industry-wide online payment transactions processed by Netlink Clearing Company and China UnionPay have continued to grow, particularly in consumption scenarios such as catering, accommodation, tourism, retail, film, and television entertainment. Both the transaction value and the number of transactions in these sectors have increased by more than 20% year-on-year.

The growth in online payment transactions reflects the increasing reliance on digital payment methods, particularly during festive periods such as the Lunar New Year. As more consumers turn to online and mobile payment platforms, the use of traditional cash and card payments continues to decline.

The surge in online payment transactions during the Lunar New Year showcases the ongoing digital transformation of China’s financial landscape. With the convenience and accessibility of digital payment methods, it is anticipated that the trend of increasing online transactions will continue to gain momentum in the future.

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