Since the China UnionPay Hainan Provincial Tax Service, the competent department for commerce, and UnionPay Commerce launched the exclusive digital service of "payment = invoice issuance" in Hainan, by the end of May this year, the service had covered 16,320 home appliance and 3C offline merchants in Hainan, with a cumulative 540,000 consumers participating in the old-for-new campaign, about 620,000 electronic invoices issued, and a total invoiced amount reaching 2.013 billion yuan. This was learned by a Hainan Daily all-media reporter from China UnionPay Hainan Branch recently.

It is understood that, in response to industry pain points in the traditional old-for-new process such as cumbersome invoicing, long time consumption, and easy loss of paper invoices, China UnionPay has fully leveraged its platform advantages to break through industry data barriers. After consumers complete payment through the Cloud QuickPass App at participating home appliance and 3C merchants, the system will automatically generate an e-invoice and directly push it to the user's mobile terminal, realizing "payment = invoice issuance" and comprehensively optimizing consumers' transaction process and consumption experience.

This innovative service has achieved a win-win outcome for the government, enterprises, and consumers. For consumers, the issued e-invoice can be directly used for after-sales maintenance of products and reimbursement of personal expenses, making certificate acquisition more convenient and the old-for-new consumption experience better. For merchants, the fully paperless automatic invoicing process has greatly reduced costs related to invoice management and manual operations. For the government side, it has achieved full-process traceability management of transaction data, strengthened the refined control of special subsidy funds, and prevented risks such as false invoicing and illegal subsidy claims from the source, building a solid compliance defense line for the consumer market.

Next, China UnionPay will continue to leverage the core advantages of digital finance, deepen government-enterprise and enterprise-enterprise collaborative cooperation, continuously optimize digital services that benefit the people, stimulate regional consumer vitality through technological innovation, and inject financial momentum into the high-quality development of Hainan's free trade port consumer market.