China Union Pay and the (Auspost) on Monday launched their cooperation for acceptance of bank cards issued by the world's largest card organization, indicating the expansion of the Chinese financial giant into Australia's largest retail and banking network.

 

With more than 4.2 billion cards in circulation, accepted by over 140 countries and regions, Union Pay offers a widely recognized method of payment for the global merchants.

 

For Auspost, it has more than 4,400 metropolitan retail outlets and 2,561 retail outlets in rural and remote areas, which is the largest retail and banking network in Australia.

 

According to Shi Wenchao, managing director of Union Pay, Australia has been a very popular tourism and overseas education destination for Chinese people. The number of Chinese tourists has increased 15 percent annually in the past five years and they have brought great opportunity and challenges to Union Pay’s business in the oceanic country. "Our cooperation with Auspost makes Australia the first developed country whose major financial and post institutions both accept Union Pay cards, which will facilitate the business and people's exchange between China and Australia,"he told the launching ceremony.

 

According to a media release by the Auspost, the two companies agreed to issue Australia's first UnionPay multi-currency travel card by the end of the year.

 

The new Union Pay Load&Go travel card is based on Auspost's highly recognizable and trusted range of Load&Go reloadable cards and is designed to support the significant number of Australians travelling to China for business and leisure.

 

Australian travelers will be able to load Australian Dollars (AUD) and Chinese CNY (CNY) currency to ensure exchange rates are locked in prior to departing Australia and keep track of what they' re spending online.

 

With the ability to reload and top up funds while away, it provides a simple way for Australians to securely and conveniently access their funds overseas via China's most widely accepted card scheme.

 

After years of fast expansion, Union Pay has established comprehensive cooperation with all major banks in Australia and the cards can now be used to withdraw cash at almost 60 percent of ATMs and are accepted by 90 percent of the taxis.

 

The average transaction size processed on Union Pay cards is reported to be greater than any other international card, making it an attractive sales opportunity.

 

Card holders are also abundant around the globe -- every second new card issued around the world is reported to be a Union Pay card, and in the Asia Pacific the network provides 73 percent of all cards issued. 

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