On August 10, China Unionpay and Taipei-based National Credit Card Center (NCCC) held a ceremony in Taipei for the launch of CUP card acceptance business in Taiwan. Chinese visitors are now able to make purchases in Taiwan with bank cards issued by China UnionPay.

CUP and NCCC will open the cash withdrawal service at ATMs in Taiwan as soon as possible.

At present, Chinese tourists are permitted to bring with them a maximum of 20,000 Chinese yuan in cash per visit. One year age Taiwan relaxed restrictions on visits by tourists from China.

Officials from the Taiwan-based Chinatrust Commercial Bank have estimated that Chinese tourists’ spending volume in Taiwan is likely to hit NT$100 billion, based on 2 million tourist arrivals from China per year with an average spending in Taiwan of 10,000 yuan. Taiwan’s statistics show that tourist arrivals from China have totaled 380,000 since Taiwan opened its doors wider to Chinese tourists in July 2008. Daily spending by Chinese tourists averaged US$295 during the first six months of the opening.