China reports online payment surge during ‘Double 11’ shopping spree

BEIJING (Xinhua) – The amount of online payments through NetsUnion, Chinese online payment clearinghouse, and China UnionPay, a card payment giant, surged 162.6 per cent year-on-year during the “Double 11” shopping spree, according to the central bank.

A total of 1.78 billion transactions were completed on Monday through the two platforms, with total online payments reaching CNY1.48 trillion (about USD211 billion), according to the People’s Bank of China (PBOC).

Payments through NetsUnion stood at CNY1.16 trillion, increasing 147.25 per cent year-on-year.

The PBOC said it would continue to support the banking and non-banking payment institutions to provide convenient and safe services to promote the sound development of the payment sector.