Australian end-to-end payments leader Cuscal has announced on Monday that an ATM access partnership has been established with UnionPay.
With over 4.2 billion cards on issue, UnionPay cardholders will have easy access to Cuscal's rediATM network across Australia.
UnionPay International (UPI) is a subsidiary of China UnionPay, China's largest card scheme established in March 2002, focused on the growth and support of UnionPay's global business. Under the new partnership, UnionPay cardholders who visit Australia will now be able to draw cash from approximately 2,500 of the rediATM branded machines operated by Cuscal and the National Australia Bank.
Monday's announcement coincides with Prime Minister Tony Abbott 's official visit to China this week where he will lead the inaugural "Australia Week in China" to promote trade and investment links. According to Tourism Australia, China is Australia's most valuable inbound tourism market. Presently 700, 000 Chinese tourists visit Australia per year and spend on average 7,000 Australian dollars per visit. By 2018 the number of Chinese visitors per year is forecast to exceed 1 million tourists who will collectively contribute 10 billion dollars to the Australian economy.
"UnionPay cardholders have very strong cash withdraw demands in Australia," Chief Representative of UPI South Pacific Region James Yang said, "rediATM network operated by Cuscal is very popular among Australia cardholders with great locations and stunning logo display."
"This significant achievement will provide great convenience for UnionPay cardholders when they travel, study, live and do business in Australia. More than 4 billion unionPay cards which are not only from mainland China, but also Hong kong, Singapore, Korea, Japan and other 30 countries and regions mean great business potential for rediATM newtwork. UnionPay will work with Cuscal and RediATM on its expansion strategy in the future."
"China is one of Australia's most significant neighbors on many levels and the growing Chinese tourism market will become even more important for Australia's future economy," said Craig Kennedy, managing director of Cuscal. "It is therefore imperative that Australia's financial system infrastructure is well prepared to accommodate this growth and meet the anticipated payments needs of future visitors from China and elsewhere in the world," he said.
The UnionPay partnership and access to rediATM will be promoted via a gradual roll-out of UnionPay logo decals on the ATMs, as well as on-screen promotions, UnionPay's website and inbound tourism brochures.