Payments giant China UnionPay is helping local authorities to issue consumption vouchers to stimulate lacklustre regional economies in the wake of the COVID-19 pandemic.
UnionPay is already helping local governments and commercial banks around China issue over 400 million yuan (approx. USD$56.55 million) to issue consumption vouchers to local citizens.
These vouchers are expected to drive over 1 billion yuan in consumption at restaurants, supermarkets and tourism sites, with over 90% of beneficiaries being small-scale vendors.
The Nantong municipal government recently teamed up with UnionPay’s Jiangsu branch and local commercial banks to jointly issue 400,000 meal consumption voucher worth nearly 20 million yuan.
On 2 April the first round of 30,000 vouchers were issued, with local consumers obtaining 21,000 vouchers via the UnionPay app.
Starting from 4 April UnionPay facilitated the issuance of 3.65 million consumption vouchers in Qingdao municipality, for use at nearly 10,000 local shops including convenience stores and restaurants.
On the same day UnionPay also helped the Taihua district of Ningbo municipality to issue 20 million yuan in consumer vouchers for tourism, fine dining and consumer goods.
On 8 April UnionPay helped the Liaoning province government and local commercial banks to issue 70 million yuan in consumer vouchers starting in the city of Shenyang.
During the period from 1 April to 10 July UnionPay will help the Inner Mongolian provincial government to issue around 5.5 million consumption vouchers worth over 130 million yuan.
During the period from 15 April to 31 May UnionPay will assist the Anhui province government to issue 3 million consumption vouchers, bringing over 170 million in subsidies to thousands of households in Fuyang municipality.
In Chongqing UnionPay will help government authorities issue nearly 16 million yuan in consumption vouchers in the Tonglian district to local union members during the period from 10 April to 31 May.
UnionPay also plans to work with other consumer voucher launches in Xinjiang, Jiangxi, Sichuan, Shenzhen and Zhuhai.
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