UnionPay, the official card for the Great Singapore Sale (GSS) 2016, has revealed that total spend in Singapore by UnionPay Cardholders grew 15 percent during the 10-week-long event held from 3 June to 14 August 2016.
The increase was contributed by the surge in UnionPay card usage by both locals and tourists during the GSS 2016 period, and boosted by the rise in card issuance in Singapore, and around the world.
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Locally, UnionPay registered significant growth in spend among locally-issued cards. Total spend by locally-issued UnionPay cards and transaction count doubled over the same period last year. The growth in spend can be attributed to the rise in acceptance of UnionPay cards by merchants in Singapore, which has improved from over 70 percent merchant coverage last year, to over 80 percent now.
On the overseas cardholders’ front, tourists from China, Hong Kong, Macau, Korea and Indonesia contributed to the bulk of the growth, signifying that UnionPay’s expansion across key markets in Asia has helped to boost tourist spending in Singapore during GSS 2016. Comparing performance across retail categories, the supermarket and F&B categories registered the largest percentage growth.
UnionPay International focuses on supporting the growth of UnionPay’s global payments business. With an acceptance footprint covering 160 countries and regions globally, UnionPay serves the world’s largest cardholder base by providing quality, cost-effective and secure payment services to over 5.4 billion cardholders worldwide.