As part of the deal, the Commonwealth Bank will begin a rollout of acceptance of UnionPay cards starting with July 2013, which means that 3.5 billion cards will be accepted at over 170,000 point-of-sale terminals across Australia.
Business travelers, students and migrants from China will be able to use their UnionPay cards across the Commonwealth Bank network. UnionPay cards can now be used to withdraw cash at almost 60 percent of ATMs in Australia and several online merchants are offering UnionPay for internet transactions to cater to cardholders demand for Australian specialty goods.
According to NSW Deputy Premier and Minister for Trade and Investment Andrew Stoner, cited by online media outlet, the introduction of Chinese-friendly payment services in Australia would enhance tourism and economic growth.
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