Non-cash payments during the seven-day Spring Festival holiday totaled 14.9 trillion yuan

2022-06-07 0 By

Data from this year’s Spring Festival holiday payment business monitoring shows that China’s payment business volume continues to grow, helping the steady and sound development of the consumer market.According to data from major commercial banks, payment institutions and clearing institutions, the total volume of non-cash payments during the 2022 Spring Festival (From January 31 to February 6) was 20.84 billion with a value of 14.9 trillion yuan, up 10.0% and 16.2% respectively from the same period in 2021.During the Spring Festival, the public’s payment business in shopping, dining, travel, leisure and entertainment continues to grow.Shopping consumption and payment increased rapidly.Combined with the holiday economy and Spring Festival promotion activities, shopping consumption grew steadily, with retail merchants’ payment increasing 22.9% compared with the same period in 2021.Food and beverage spending continues to be hot.During the Spring Festival, there was a strong demand for catering consumption such as family gatherings, and the amount paid by catering merchants increased by 29.6% compared with the same period in 2021.Transportation payments have increased significantly.The amount paid by merchants in railway, aviation, bus, subway and other transportation industries increased by 18.8% compared with the same period in 2021.Hotel accommodation payments have increased significantly.Compared with the same period of 2021, the payment amount of hotel accommodation increased by 26.9% and the average payment amount increased by 23.7%, showing the overall characteristics of high-quality accommodation.In the next step, the central bank will continue to implement the development concept of “payment for the people”, continue to optimize the consumer payment service environment, provide safer and more convenient payment services for the public, and promote the high-quality development of China’s economy.Source: CCTV News Review: Tan Lugang