National Australia Bank has signed an agreement with China Unionpay that will enable millions of Chinese visitors to use their Unionpay cards to make EFTPOS purchases and use ATMs in Australia.

NAB CEO Australia Ahmed Fahour said this development is a boon for 86,000 Australian merchants with over 100,000 NAB EFTPOS terminals as it will open their doors to a very rapidly-growing Chinese market. China Unionpay estimates that the number of Chinese visitors to Australia is increasing by around 20% per annum and is likely to exceed one million per year within five years.

NAB is the first Australian bank to have reached this agreement with China Unionpay. NAB’s network of 1,300 ATMs already accepts CUP cards. NAB’s new EFTPOS terminals will be configured to accept CUP cards by the end of the year. ( NAB )

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