China's UnionPay begins Australian expansion

China's UnionPay has begun an Australian expansion, aiming to help Chinese visitors and businesses more easily engage with Australian companies as trade flourishes between the two nations.

The Chinese international bank card network Wednesday launched partnerships with Australia's Commonwealth Bank, which reportedly has the second-largest presence of any foreign bank in China, and iconic Australian department store David Jones in Sydney.

"We have long been keen to expand our presence in Australia," said UnionPay Chairman Su Ning.

"In areas like ATM business, online payment, EFTPOS cards and mobile payment, we wish that we can help our partners to capture more opportunities from China's fast-growing economy," he added.

UnionPay cards can now be used to withdraw cash at almost 60 percent of ATMs in Australia, said Su, and several online merchants are offering UnionPay for internet transactions to cater to card holders' demand for Australian specialty goods.