NetsUnion Posts over 11% Rise in Online Payments Transactions During 2020 Chinese New Year
China’s centralised platform for the processing of online transactions has reported a sharp YoY rise in transaction numbers during the 2020 Chinese New Year vacation, as the spread of the novel coronavirus continues to stem personal movement.
NetsUnion Clearing Corporation (NUCC) (网联清算有限公司) processed 4.919 billion online payments transactions during the vacation period from 24 – 30 January, for an increase of 11.25% compared to the same period last year.
The transactions were worth 2.730711 trillion yuan in total, for a 5.76% rise compared to the same period last year.
During the peak period of the vacation NetsUnion processed 52,000 transactions per second, and reported a systems success rate of 100%.
Since 30 June 2018 NetsUnion has been responsible for the centralised processing of all transactions by China’s third party payments providers involving bank accounts, in a move that has severed direct ties between payments companies and banks.