News

Westpac, UnionPay enter ATM agreement

April 7, 2014

Australian bank Westpac and Chinese bankcard provider UnionPay have announced an agreement that will allow UnionPay cardholders access to Westpac ATMs.

Annually, nearly three-quarters of a million Chinese nationalists visit Australia. According to a report by The Australian, Westpac was eager to strike a deal, given the number of UnionPay cardholders it comprised.

The deal will give cardholders off-us access to Australian dollars at Westpac ATMs, and will also allow them to use their cards at Westpac-associated EFTPOS terminals and online payment facilities.

The Australian report said that the deal could pave the way to future deals between the two parties and might also entice businesses in Australia's tourism industry to change their banking networks in order to accommodate UnionPay cardholders.

UnionPay now ranks as the world's largest bankcard provider, with four billion cards in circulation, mostly debit cards. Westpac is Australia's second-largest FI, measured by assets.