China UnionPay and the Australia Post signed a partnership for which the bank will start accepting CUP’s 4.2 Bn cards in circulation and promote additional products in the future. Auspost has 4.4k urban and 2.6k rural establishments making it the largest retail and banking network in Australia.
The number of Chinese tourists had a 15% CAGR in the past five years. On the other hand, Australian travelers will be able to load AUD and CNY currency to ensure exchange rates are locked in prior to departing Australia and keep track of what they’re spending online.
“Our cooperation with Auspost makes Australia the first developed country whose major financial and post institutions both accept UnionPay cards, which will facilitate the business and people’s exchange between China and Australia,” Shi Wenchao, managing director of UnionPay, said.
Australia Post Managing Director and CEO, Ahmed Fahour said: “We have been working with UnionPay International for some time now – our starting point was to find opportunities to make it simpler for Chinese citizens to make and receive payments in Australia.”
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