According to data released by China’s Nets Union Clearing Corporation (网联清算平台), the Nets Union platform processed 20.4 billion cross-institutional online payment transactions on November 11th, China’s Singles’ Day. Total transactions were valued at 14.1 trillion yuan, 42.6% higher from the year before. Transactions processed by the Nets Union platform exceeded 93,500 transactions per second at one point in the day, a historical record. Online payment transactions during Singles’ Day have the characteristics of long guarantee time, multiple peak times, multiple participating institutions and large transaction scale.