NetsUnion Posts over 11% Rise in Online Payments Transactions During 2020 Chinese New Year

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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.

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