China's non-cash payments up in Spring Festival holiday

China
# 08 February 2022 14:04 (UTC +04:00)

The non-cash payments handled by Chinese banks saw an increase during the seven-day Spring Festival holiday, according to China's central bank, APA-Economics reports citing People's Bank of China.

Non-cash payments, involving bank cards, online payment vehicles, commercial papers, credit transfers, and other settlements, stood at 14.9 trillion yuan (about 2.34 trillion U.S. dollars) from Jan. 31 to Feb. 6, up 16.2 percent year on year, the People's Bank of China said on Monday.

Of the total, the non-cash retail transactions of commercial tenants saw strong performance during the holidays, posting an increase of 22.9 percent year on year.

Meanwhile, transactions in the catering sector gained 29.6 percent year on year as demand related to gatherings surged, the central bank said.

Transactions in the transport sector climbed 18.8 percent from the year before, while those for hotel bookings surged 26.9 percent.

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