National Australia Bank has entered into a card terminal deal with China's inter-bank transaction network China Unionpay, to accept Chinese credit and debit cards at its ATMs.
The alliance between China Unionpay (CUP) and National Australia Bank (NAB) is expected to help further expand both companies’ credit card operations.
The Chinese payments processor claims to have 99% of the Chinese credit and debit card market, and the agreement will allow Chinese visitors to use any of NAB’s 1,300 ATMs across Australia.
By supplying our new CUP-enabled EFTPOS terminals, we’re giving NAB business customers an important tool for attracting the Chinese market, said Ahmed Fahour, CEO of NAB. This is another proof point for NAB – our business customers want to grow and we are finding new ways to help them.
The 86,000 merchants that use over 100,000 EFTPOS terminals provided by NAB can now opt to have their terminals upgraded to new, CUP-compatible models. The CUP logo will also display on their shop fronts, alongside the familiar Visa and Mastercard logos.