NAB helps Aussie businesses tap into $300 billion Chinese online market

12 February 2013

National Australia Bank (NAB) and UnionPay International (UPI) are launching a new online payment capability that enables Australian businesses to target the users of more than 3.4 billion UnionPay cards issued in China and in nearly 30 countries and regions worldwide.

The new payment capability will allow Australian businesses to expand their sales into the growing Chinese consumer market where more than 175 million internet shoppers spent US$300 billion in 20111.

Chinese shoppers will be able to use their UnionPay cards online to buy goods and services from Australian businesses in Renminbi (RMB), which is then automatically converted into Australian dollars with no currency conversion fee.

NAB's Executive General Manager, Working Capital Services, David Gall said: "NAB has been the only bank to offer the UnionPay capability on our merchant terminals for the past six years providing businesses with access to the fast growing Chinese consumer market.

"Australian products and services, in particular foodstuffs, tourism and education, have an excellent reputation in China. Now, with this new online capability, Australian businesses have an exciting and unique opportunity to expand their presence in China.

"The emergence of China's middle class has triggered strong growth in household spending. China's real urban per capita disposable income has averaged growth of 9 per cent per annum during the past decade2 and there are almost 550 million internet users in China.

"The new online payment capability is the vehicle for Australian businesses to tap into this growing market."

This is the latest in a series of initiatives NAB has undertaken to increase acceptance and use of China UnionPay cards amongst Australian businesses. Last year, NAB partnered with Macquarie University, Cabcharge and with the Australia Tourism and Export Agency (ATEC) to open up new payment methods for Chinese travellers and students in Australia.

UnionPay International

UnionPay International is a subsidiary of China UnionPay, the fastest growing card payment network globally. UnionPay International focuses on the international business of UnionPay, a global bankcard network with over 3.4 billion UnionPay cards issued worldwide. The UnionPay network has been extended to all the cities and rural areas in China, as well as over 140 countries and regions.

For further information

Media - NAB

Elisha Vincent - M: +61 (0) 429 566676

1 CNNIC (China Internet Network Information Center).

2 All data extracted from the CEIC database.