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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)