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UnionPay enters Australia

img_0089China UnionPay and the Australia Post (Auspost) launched their cooperation for acceptance of bank cards issued by the world’s largest card organization, indicating the expansion of the Chinese financial giant into Australia’s largest retail and banking network. With more than 4.2 billion cards in circulation, accepted by over 140 countries and regions, UnionPay offers a widely recognized method of payment for the global merchants. For Auspost, it has more than 4,400 metropolitan retail outlets and 2,561 retail outlets in rural and remote areas, which is the largest retail and banking network in Australia. According to Shi Wenchao, managing director of UnionPay, Australia has been a very popular tourism and overseas education destination for Chinese people. The number of Chinese tourists has increased 15% annually in the past five years and they have brought great opportunity and challenges to UnionPay’s business in the oceanic country. The two companies agreed to issue Australia’s first UnionPay multi-currency travel card by the end of the year.

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