UnionPay, the official card for this year’s Great Singapore Sale (GSS), says that total spend by its cardholders at the 10-week event grew 15 per cent.
This was helped by a surge in UnionPay card use by both locals and tourists during the sale, boosted by a rise in card issuance in Singapore and internationally.
Total spend by cards issued in Singapore and transaction count doubled over the figures for the same period last year. The company says this growth reflects the rise in acceptance of its cards by merchants in Singapore, which has improved from more than 70 per cent coverage to more than 80 per cent.
Tourists from China, Hong Kong, Macau, Indonesia and Korea contributed the bulk of the GSS spending, following UnionPay’s expansion across key Asian markets. Across retail categories, the largest percentage growth was in supermarket and F&B spending.
“This growth marks the continued appeal of Singapore as a choice shopping destination, and puts us on the right track to continue the growth momentum in our partnership with the Singapore Retailers Association for GSS,” says UnionPay International Southeast Asia GM Wenhui Yang. “We are committed to further improving our acceptance coverage in Singapore.”
With an acceptance footprint covering 160 countries and regions, UnionPay serves the world’s largest cardholder base by providing secure payment services for more than 5.4 billion cardholders.
In Singapore, UnionPay cards are issued by Bank of China (BOC), DBS Bank (DBS), Industrial and Commercial Bank of China (ICBC) and United Overseas Bank (UOB), and are accepted at more than 80 per cent of retail, lifestyle and F&B establishments, as well as most ATMs.
UnionPay’s acceptance footprint has expanded to more than 160 countries and regions, covering more than 35 million merchants and more than 2 million ATMs. The cards are issued in more than 40 countries and regions.