AUSTRALIA: National Australia Bank (NAB) has introduced its new online payment capability that enables Australian businesses to accept more than 3.4 billion UnionPay cards which are issued mainly in China as well as in nearly 30 countries and regions worldwide.
In collaboration with UnionPay, Chinese internet shoppers can use their UnionPay cards online to buy goods and services from NAB’s merchants in Renminbi (RMB) which is then automatically converted into Australian dollars with no currency conversion fee. Chinese consumer market was reported to have more than 175 million internet shoppers who spent US$300 billion (RM928.95 billion) in 2011.
