CommBank and Unionpay International commence payment partnership
CommBank and UnionPay International commence payment partnership
29 May 2013: Commonwealth Bank has today commenced the rollout of acceptance of UnionPay cards, which once finalised, will enable 3.5 billion UnionPay cards to be accepted at over 170,000 Commonwealth Bank point-of-sale terminals across Australia.
As UnionPay is the primary card scheme in China, the new partnership will provide local businesses with the ability to tap into the rising number of Chinese visitors to Australia. Furthermore, given the average transaction size processed with UnionPay cards is greater than any other international card, this partnership will provide a significant opportunity for Commonwealth Bank customers.
The partnership will also benefit the 700,000* business travellers, students and migrants from China that arrive in Australia every year. Through this agreement, visitors are able to use their UnionPay cards across one of the largest networks of EFTPOS terminals in Australia, making it easier and safer for them to make purchases whilst in Australia.
The first UnionPay purchase through a Commonwealth Bank point-of-sale terminal was made today in conjunction with UnionPay and launch partner David Jones. Speaking at the launch event was UnionPay Chairman, Mr Su Ning; The Honourable Andrew Stoner MP, Deputy Premier and Minister for Trade and Investment, NSW Government; His Excellency Li Huaxin, Consulate-General of the People’s Republic of China; David Jones Chief Executive Officer, Paul Zahra; and Commonwealth Bank’s Group Executive, Institutional Banking and Markets, Ian Saines.
According to Ian Saines, today’s announcement is another example of how Commonwealth Bank is introducing new business opportunities and offerings that support and meet the changing needs of Australian businesses.
"Commonwealth Bank has made a significant investment in developing game-changing, human-centric innovations for our customers. From our Pi platform, which is revolutionising the point-of-sale experience, to Everyday Settlement, which provides customers with access to funds from credit and EFTPOS sales the same day seven days a week, our investment in technology is helping unlock opportunities for our business customers.
"Our partnership with UnionPay is further evidence of our commitment to supporting Australian businesses, providing customers with the ability to process a wider range of payment options and tap into a growing customer base," said Mr Saines.
The rollout, which includes offering the payment solution to all new-to-bank merchant customers, as well as updating the software of current customers, commences from July 2013.
Paul Zahra, CEO and Managing Director, David Jones, said that the ability to accept UnionPay cards across it stores would provide the iconic department store with a significant opportunity.
"This new partnership positions David Jones as Australia's leading department store for international travellers. A focus of our future strategic direction transforming David Jones into a world-class omni channel retailer, and the introduction of UnionPay, is indicative of our ongoing goal to advance our technology offering, given that our success as a retailer lies in our ability to change and adapt according to what our customers and the market want," said Mr Zahra.
The partnership with UnionPay marks further expansion of the Bank’s relationship with China, with growing operations in regional locations through five County Banks, partnerships in Bank of Hangzhou and Bank of Qilu, a partnership with BoCOM Life and the Group has held a representative office in Beijing since 1992. Its Shanghai branch provides institutional banking and market services to primarily international customers.
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*Source – Tourism Australia, 2011
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