China's UnionPay begins Australian expansion(2)

NSW Deputy Premier and Minister for Trade and Investment Andrew Stoner said the introduction of Chinese-friendly payment services in Australia would enhance tourism and economic growth.

"With more than 3.5 billion China UnionPay cards in circulation across the globe, I'm confident that there will be immediate benefits -- not only for the Commonwealth Bank's 130,000 merchants who are now accepting UnionPay, but also for the tens of thousands of Chinese visitors who fly to NSW each and every month," Stoner said.

"We recognise the enormous potential that inbound tourism holds for economic and business growth here in NSW and indeed Australia. For inbound tourism in NSW alone, China has currently moved around 1.1 billion AUD a year."

"Between July 2011 and June 2012, visitors from China in NSW increased by more than 15 percent to 335,500. I think as the Australian dollar comes off its record highs, that growth will continue and possibly accelerate," he added.

The Commonwealth Bank will begin a rollout of acceptance of UnionPay cards from July 2013, meaning 3.5 billion cards will be accepted at over 170,000 point-of-sale terminals across Australia.

Business travelers, students and migrants from China will be able to use their UnionPay cards across the Commonwealth Bank network, one of the largest EFTPOS terminals in Australia, making it easier and safer to make purchases.