China UnionPay, the nation's largest credit card service
company, and US firm First Data International yesterday launched a
joint service for Chinese travelers to access cash in Australia via
First Data's Cashcard, its largest ATM network.
The service enables China UnionPay cardholders to withdraw cash
in Australia for the first time, with access to more than 5,800
Cashcard ATMs across the country.
According to Huang Xinghai, vice-president of China UnionPay's
International Division, fees for the Cashcard ATM network services
will be calculated at "a very favorable exchange rate". Huang did
not specify what the rate would be.
"Cooperation is key in facilitating convenient access to cash
for the growing number of China UnionPay cardholders visiting
Australia," Huang said.
The two firms yesterday also said they would expand cooperation
to promote acceptance of China UnionPay cards overseas.
The cooperation, according to Peter Wright of First Data
International Australia and New Zealand, will include promoting the
acceptance of China UnionPay cards at ATM locations as well as
merchant point-of-sale locations using First Data systems.
First Data, a global leader in electronic commerce and payment
services, will also provide transaction routing and payment
processing services.
"We will cooperate to explore 10 markets across Asia, Europe and
North America," Wright said. "The relationship with China UnionPay
is a prime example of how we are supporting the Chinese
government's aim for Chinese businesses to expand globally and
provide stable access to cash for the increasing number of Chinese
citizens traveling overseas."
China UnionPay, the country's largest credit card service
company, has so far extended its overseas network to 25 countries
and regions including Hong Kong, Germany, the United States and
Japan.
The Shanghai-based company plans to expand into five or six more
countries in 2007, including the United Kingdom and Egypt, and
expects double-digit growth on its overseas card-based transactions
this year as more Chinese travel overseas.
UnionPay was set up in March 2002 with a registered capital of
1.65 billion yuan by more than 80 financial institutions, including
the country's Big Four banks.
(China Daily March 13, 2007)