Westpac signs partnership with China UnionPay
8 April 2014
- Agreement provides access to 4 billion issued cards
- Boost for tourists, business travellers and Australian merchants
Westpac Banking Corporation today announced it has entered into an agreement for Westpac to accept China UnionPay cards in Australia via ATMs, merchant terminals and online payment facilities.
This will allow UnionPay cardholders to use their cards at more than 150,000 new card acceptance points over the term of the agreement. One of the fastest growing card networks in the world, China UnionPay is the major player in the country’s bankcard industry and is now accepted in 141 countries and regions.
The new agreement with the Westpac Group will allow Chinese tourists and business travellers to Australia as well as students and migrants living here to use Westpac, St George, Bank of Melbourne and BankSA terminals and ATMs.
The new agreement will come into effect this month following an official signing ceremony in Sanya, Hainan Island, tomorrow (9 April 2014) attended by the Chinese Premier, Mr Li Keqiang, the Australian Prime Minister Mr Tony Abbott, Westpac Group Deputy Chief Executive, Mr Phil Coffey, and the President of China UnionPay, Mr Su Ning.
“This is an exciting development for both China UnionPay and ourselves as it will definitely make life easier for the hundreds of thousands of UnionPay cardholders who either visit Australia or who live here to access their money and make payments across our network which is one of the most extensive in the country,” said Mr Coffey.
David Lindberg, Chief Product Officer of Westpac Group’s Australian Financial Services division, said: “Tourism and business development between our two countries are two of the fastest growing sectors and it is vitally important that we make it as simple and as quick as possible for people to get what they need from us while they are visiting here.
“This will also have major benefits from the increasing number of Chinese students studying here and the large number of migrants who now call Australia home.”