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Online payments in China total 4.98 trillion yuan during Spring Festival holiday

Updated: 2021-03-04

Nearly 7.94 billion cross-agency online transactions valued at 4.98 trillion yuan ($769.41 billion) were handled on the internet payment clearance platforms of non-bank payment agencies during China's Spring Festival holiday from Feb 11 to 17, 2021.

With more than 1.65 billion transactions, Feb 11, the Spring Festival Eve, had the most trades and showed a year-on-year growth of 45.1 percent.

Catering, film, entertainment and shopping were the hottest industries and new consumption patterns like live commerce were also popular among consumers.

Food was a highlight during this year's Spring Festival. Some branded catering shops gained daily transaction and volumes 16 and 23 times greater than those of 2020.

Food delivery service was a popular way of dining. Transaction records and volumes of typical food delivery shops tripled over those of the same period last year.

Daily online payments related to film and entertainment during this Spring Festival increased by 145 and 315 times in transaction records and trading volume compared to last year.

Online shopping was a hot activity in the holiday. Some online shopping platforms had more than 80 percent and nearly 50 percent growth in daily transactions and trading volume.

Growth in recorded transactions and sales volume of some livestreaming platforms was 57 percent and 96 percent.

Local in-depth tourism and car rentals were preferred by consumers this holiday. Some car rental platforms had a year-on-year growth of 120 percent and 86 percent in daily transactions and trading volume.

Health was a focus during the post-pandemic era. During the Spring Festival holiday, large-scale online medical service platforms in China had a year-on-year increase of 56 percent and 20 percent in recorded transactions and volume.

Consumer markets in rural area had developed stably. The volume of transactions handled by financial institutes in such areas was twice that of the same period last year.

Non-bank payment agencies had established a sound system to guarantee internet payment clearance even in the peak period, which performed well in online transaction rush hours.


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International Telecommunication Union
World Intellectual Property Organization
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Tongxiang Municipal People's Government
National Internet Emergency Center
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