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National Australia Bank, UnionPay to launch new online payment capability

Thursday 14 February 2013 | 01:27 PM CET

Financial services provider National Australia Bank (NAB) and Chinese card issuer UnionPay International (UPI) have joined forces to introduce a new online payment capability which enables Australian businesses to target the users of more than 3.4 billion UnionPay cards issued in China and in almost 30 countries and regions worldwide.

The newly introduced payment capability will allow Australian businesses to expand their sales into the growing Chinese consumer market where more than 175 million internet shoppers spent USD 300 billion in 2011.

Chinese shoppers will be able to use their UnionPay cards online to buy goods and services from Australian businesses in Chinese currency, which is then automatically converted into Australian USD with no currency conversion fee.

In 2012, NAB has partnered with Macquarie University, Cabcharge and with the Australia Tourism and Export Agency to offer new payment methods for Chinese travellers and students in Australia.

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