Merchants saw record-breaking transaction volumes, payment authorization rates and sales revenue on Singles Day, according to reports. Alibaba’s sites alone tallied about $38 billion during the 24-hour period.
Online payments provider Ingenico Group reports the company outperformed last year with more than four times as many online transactions as 2018’s event and recorded its highest number of Transactions Per Second (TPS) ever.
During the event, Ingenico said its Amsterdam-based ePayments division processed millions of payments seamlessly for Chinese-owned websites and marketplaces including AliExpress, Tmall and DHGate.
Analysis of payment data from Ingenico ePayments shows that the historically Chinese festival has become a global event in recent years.
“Singles Day is the largest e-commerce shopping day in the world, beating rival peak sales days Black Friday and Cyber Monday and this year’s reported growth was particularly strong in the US and Russia for the company,” said Ingenico officials in a statement.