$3.48 trillion in Singles’ Day sales in 11 days

China’s online payment clearinghouse Netsunion and card payment giant China UnionPay reported online payments worth 22.32 trillion yuan (about $3.48 trillion) during the shopping festival, which ran from November 1-11 this year marking Singles’ Day, according to data. Issued by the People’s Bank of China.

According to Xinhua, the central bank said that during the aforementioned 11-day period, more than 27 billion transactions were processed across the two platforms, up 17.96 percent year on year, and the total value increased 14.98% year on year.

Payment services were safe, efficient and convenient, and the related business volume and population consumption were steadily rising during the shopping festival, according to the central bank.

The Singles’ Day Shopping Festival was first launched by Alibaba on 11 November 2009 and has since become one of the largest online shopping activities in the world.

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