China UnionPay Reports 30% YoY Rise in Cloud Flash Payments During October Golden Week Vacation

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Chinese payments giant UnionPay says it saw a sizeable rise in the value of transactions made via its QuickPass (云闪付) cloud flash payments app during China’s Golden Week holiday in the first week of October.

Data released by UnionPay on 9 October indicates that during the Golden Week holiday from 1 to 7 October its network transaction amount was 2.52 trillion yuan, for an increase of 8.3% compared to the October Golden Week vacation in 2019.

The daily transaction sum for UnionPay’s QuickPass app during Golden Week saw an increase of 32.61% compared to last year’s vacation.

UnionPay data further indicates that during the eight day vacation the value of general merchandise transactions saw a YoY rise of 12.5%, while in the provinces of Jiangsu, Shanxi and Gansu this figure was in excess of 17%.

UnionPay also said that it deployed a range of campaigns to spur consumption in locations including Beijing, Shanghai, Shenzhen, Henan, Anhui, Gansu and Inner Mongolia, during what was the first week-long holiday in China since the end of strict measures to contain the spread of COVID-19 domestically.

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