Australian bank inks deal with China Union Pay

Australian bank inks deal with China Union Pay
Tags: Bank / Credit Union, Debit / Credit, EFT Networks, Other, Public Companies, Transaction Processing
September 6, 2006

News.com.au: National Australia Bank is teaming with China Union Pay to allow Chinese tourists in Australia to make EFT point-of-sale purchases and ATM withdrawals with their credit and debit cards. With hundreds of millions of China Union Pay cards in circulation, NAB chief executive Ahmed Fahour said businesses that use NAB as their merchant acquirer will likely attract more Chinese customers if they accept CUP card payments. CUP estimates that the number of Chinese visitors to Australia is increasing by 20 percent every year and is likely to exceed 1 million within five years, Fahour said.