Non-cash Payments During Chinese New Year Vacation Approach 15 Trillion Yuan

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Use of non-cash payments methods has continued to surge in China in year-on-year terms during the Chinese New Year vacation period.

During the 2022 Spring Festival Vacation running from 31 January to 6 February China saw a total of 20.84 billion non-cash payments transactions nationwide, for an increase of 10.0% compared to the 2021 Spring Festival period, according to data from the Chinese central bank.

These transactions were worth approximately 14.9 trillion yuan in total, for a 16.2% compared to 2021.

The retail payments amount saw an increase of 22.9% compared to the 2021 Spring Festival vacation, while food and beverage payments rose by 29.6%, and various forms of transit payments, including railway, aviation, public buses, and metros, saw an increase of 18.8%.