Since UnionPay was established in China in 2002, its logo has appeared on close to 3 billion bank cards and is now accepted in over 125 countries – making it one of the world’s biggest payment schemes.
Through a strategic partnership with NAB, Cashcard, CashConnect and other partners in Australia, China UnionPay RMB cards can be directly used to withdraw Australian dollars at more than 60 percent of Australian ATMs and pay for purchasing or tuition fees at 90,000 Australian stores, restaurants and schools.
This is creating significant benefits for Chinese students studying in Australia. The card’s extensive security, which requires authorization of a signature and a pin, means debit cardholders are not subject to transaction limits – eliminating the needs of international students to arrive in Australia with large amounts of cash for tuition fees and to cover living expenses for the duration of their studies.
There is a direct conversion between RMB and Australian dollar without transaction fees and allows for parents at home in China to access their children’s overseas expenditure from their Chinese bank accounts. ■