Online payments processing saw surging growth during China’s November 11 Shopping Festival in 2020 to hit record high levels, despite the ongoing economic impacts of the COVID-19 pandemic.
NetsUnion Clearing Corporation and China UnionPay jointly processed 2.243 billion online payments during Double 11 for a YoY surge of 26.08%. The value of these payments was 1.77 trillion yuan, for a YoY leap of 19.60%.
The combined peak processing volume was 109,000 transactions per second, for a YoY increase of 26.19%, hitting a new record high.
The Double 11 Shopping Festival has recently emerged as the largest retail and online shopping day in the world, after the date was first used as an unofficial celebration for single people in China.
Alibaba said on Thursday that it brought in 498.2 billion yuan (approx. USD$75 billion) during the festival this year – including a prior three day period added to the 2020 celebration to compensate for the COVID-19 pandemic.
According to Alibaba this amount marked a 26% increase compared to the same period last year.