NAB to accept China UnionPay cards
(7 September 2006 – Australia) NAB has entered into an agreement with China UnionPay which will allow Chinese visitors to use their debit and credit cards at NAB’s EFTPOS terminals and ATMs.
NAB says the agreement will benefit businesses which use NAB as their merchant acquirer and is the only Australian bank to offer China UnionPay cardholders access to ATM and EFTPOS terminals in Australia.
"China UnionPay estimates that the number of Chinese visitors to Australia is increasing by around 20 percent per annum and is likely to exceed one million per annum within five years," said NAB’s chief executive officer, Australia, Ahmed Fahour.
"This is an important opportunity, especially in the student and tourism markets," Fahour added.
China UnionPay was established in 2002 by a large syndicate of Chinese banks and is the only bankcard association in China. Its cards can be used worldwide for a diverse range of electronic transactions.
NAB said its ATMs already accept China UnionPay cards and its EFTPOS network will be upgraded to accept the cards before year end.
"China UnionPay estimates that the number of Chinese visitors to Australia is increasing by around 20 percent per annum and is likely to exceed one million per annum within five years," said NAB’s chief executive officer, Australia, Ahmed Fahour.
"This is an important opportunity, especially in the student and tourism markets," Fahour added.
China UnionPay was established in 2002 by a large syndicate of Chinese banks and is the only bankcard association in China. Its cards can be used worldwide for a diverse range of electronic transactions.
NAB said its ATMs already accept China UnionPay cards and its EFTPOS network will be upgraded to accept the cards before year end.
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