Payment solution provider Ingenico Group has announced record breaking transaction volumes and payment authorisation rates on its most successful Singles Day ever.
Not only did the company record its highest ever number of Transactions Per Second (TPS), but it also outperformed the total online transactions from 2018’s event by over four times.
Nick Tubb, VP Commercial Affairs at Ingenico ePayments, stated: “Chinese e-commerce continues to grow at an impressive rate and Singles Day is the most extreme example of the opportunity it presents.
“This event was about overseas customers buying from the Chinese marketplace giants as they expand their international reach, but conversely international online businesses looking to successfully expand into China and tap into the immense customer base there should understand the market is very dynamic and completely unique. With the right partner though, the reward is more than worth it”.
During the Singles Day event, Ingenico’s e-Payments division processed millions of payments for multiple Chinese-owned websites and marketplaces which included the likes of AliExpress, Tmall and DHGate.
This is the latest positive news involving the Ingenico Group following the October announcement that it had raised £2m from micro-donations made through its POS terminals in the UK with fintech charity partner Pennies.
At the time, Ian Benn, SVP Western Europe, Banks & Acquirers, Ingenico, commented: “Ingenico and Pennies have been working together for over eight years, and we are proud to be their payment partner. The Pennies project gives consumers a quick and easy way to give back to the charities they love.£
Singles Day has now become the largest global e-commerce shopping day as it has registered higher peak sales days than rivals such as Black Friday and Cyber Monday.
Moreover, analysis of the payment data from Ingenico ePayments has shown that the traditional Chinese festival is rapidly becoming a globally recognised event, with this year’s figures showing strong growth in the US and Russia for the company.
