Retailing, Franchising, and Consumerism Business Intelligence in China

China UnionPay Says E-payment Accepted In China

Based on the data released regarding the May golden week holiday, China UnionPay says that e-payment has entered a period of acceptability in China.

According to the data released by China UnionPay, consumption conducted with bank cards during the holiday in such big Chinese cities as Beijing, Shanghai, Guangzhou and Shenzhen accounted for 30% of the total social consumables, which was close to the level of developed countries. China UnionPay said that during the holiday, there were 82.8 million card uses with domestic bank cards, which involved a total of RMB46.19 billion, an increase of 31.4% and 59.8%, respectively, compared with the same period of last year.

The hot bank card consumption during the holiday shows that bank card has become one of the mostly used non-cash payment tools in China and the preliminary formation of a banking payment system with Chinese characteristics.

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