Alipay Transactions Exceed RMB 8.9 Bln in First 2 Hours of Singles Day

199IT, 11/11/13

China's "Singles Day" e-commerce holiday began at 12am on November 11. By 2am, two hours after the beginning of the holiday, Chinese e-commerce conglomerate Alibaba Group's third-party payment processor Alipay's total transaction volume reached RMB 8.896 bln from 31.40 mln transactions. By 1pm, Alipay's transaction volume reached RMB 19.1 bln, equivalent to the total transaction volume for the site on Singles Day 2012. Alipay's transaction volume reached RMB 29.98 mln in Hong Kong, Macau and overseas, with 5.39 mln page views.

As of 4pm on November 11, gross merchandise volume (GMV) on Hangzhou-based C2C & B2C e-commerce site Taobao's mobile client had reached RMB 3.6 bln, with 84 mln page views, an estimated 7-8 times greater than the prior year holiday.

In the first minute of the holiday, Alipay's transaction volume reached RMB 116.90 mln, on 339,000 transactions. Transaction volume reached RMB 1 bln within the first 6 minutes, on 3.59 mln transactions.

Keywords: e-commerce Taobao Internet Alipay B2C C2C third-party payment transaction volume Singles Day GMV Internet traffic online payment

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