Based on the data released, China UnionPay says that e-payment has entered a period of acceptability in China. According to the data released by China UnionPay, retail transactions via the China UnionPay bank cards during the holiday in big Chinese cities like Beijing, Shanghai, Guangzhou and Shenzhen accounted for 30% of the total social consumables, which was close to the level of developed countries.
During the May Golden holiday period, there were 82.8 million UnionPay card transactions, 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 increased in the bank card transactions during the holiday proves that the UnionPay card has become one of the mostly used non-cash payment tools in China. It has dominated the non-cash payment method in china surpassing the credit card transactions by many folds. Its the leading bank card payment system as its far more safer and practical instead of carrying lots of cash around.