UnionPay cross-border transactions surge in Spring Festival spree

UnionPay banners on a shopping street in Seoul, South Korea. China UnionPay has issued more than 10 million cards in South Korea jointly with local credit card institutions.[Photo/Xinhua]

The Chinese splurged this Spring Festival with the number of UnionPay overseas transactions rising nearly 50 percent year on year, the operator revealed Wednesday.

The total volume of transactions at home and abroad through China UnionPay cards was 238.1 billion yuan ($38.7 billion) during the seven day holiday from Feb 18 to Feb 24.

Cross-border UnionPay card transactions saw remarkable growth in the Republic of Korea,the United States and other UnionPay-friendly markets.

Meanwhile, Chinese tourists flocked to Japan, Russia and European countries thanks to local currency depreciation.

Card payments in transportation fees surged by about 95 percent year on year, while transactions in shopping and traveling grew about 50 percent and 88 percent compared with last year respectively.

China UnionPay is responsible for all bank card transactions on the Chinese mainland and has extended its reach to 150 countries and regions.