Coronavirus Drives 46.79% Rise in China UnionPay’s Online Payments during Chinese New Year
The novel coronavirus is driving a sharp rise in online payments transactions as fear and containment measures keep many Chinese consumers at home.
Payments giant China UnionPay processed a total of 1.38 billion network transfer transactions during the period from 24 – 30 January, for a YoY rise of 13.21%.
The value of these transfer transactions was 1.318455 trillion yuan, for a YoY rise of 13.3%.
Online payments transactions saw an especially rapid increase, rising 46.79% compared to the same period last year, while the Cloud Flash App transaction volume posted a 23% increase.