ANZ finally joins China's pay system
The Asia-focused bank is playing catch-up against its big four rivals in allowing UnionPay cardholders — nearly all of China's bank customers and a key source of tourism revenue — to access its ATM and merchant network in Australia.
NAB and Commonwealth banks both have agreements with UnionPay — the third-largest bankcard issuer in the world after Visa and MasterCard — allowing Chinese cardholders to spend cash with merchants of their networks.
As reported by BusinessDay last year, key entertainment and shopping destinations including Crown Casino, The Star in Sydney and Phillip Island have switched their transactional banking services to NAB to gain access to UnionPay cardholders.
ANZ chief executive, Australia, Philip Chronican said the partnership with UnionPay would "make it easier for our customers to make payments as they travel and conduct business through the region".
Chinese tourists are visiting Australia in record numbers and it is the most important growth market. They are also some of the biggest spenders.
Victoria's China Tourism Strategy has identified the accessibility of financial transaction facilities for Chinese visitors as one of its key objectives.
Banks apparently need to invest considerable resources to upgrade systems to accept UnionPay cards.
Frequently Asked Questions about this Article…
ANZ has signed a tentative agreement with China UnionPay that allows ANZ customers to tap into UnionPay’s extensive Asia‑Pacific networks. In plain terms, the deal should make it easier for ANZ customers to make payments and conduct business across the region by linking ANZ services with UnionPay’s payment infrastructure.
ANZ is playing catch‑up with its peers: NAB and the Commonwealth Bank already have agreements with China UnionPay that let UnionPay cardholders access their ATM and merchant networks in Australia. ANZ’s tentative deal brings it closer to parity with those banks on UnionPay acceptance.
Accepting UnionPay is important because Chinese tourists are visiting Australia in record numbers and are among the biggest spenders. Victoria’s China Tourism Strategy even highlights easier financial transaction access for Chinese visitors as a key objective, so banks and merchants that accept UnionPay can better capture that tourism spending.
According to reporting cited in the article, major entertainment and shopping destinations such as Crown Casino, The Star in Sydney and Phillip Island have switched transactional banking to NAB to gain access to UnionPay cardholders.
China UnionPay is one of the world’s largest payments system operators and is the third‑largest bankcard issuer globally after Visa and MasterCard. It operates extensive payment networks across the Asia‑Pacific region, making it a key partner for banks serving Chinese customers and tourists.
The article notes ANZ’s agreement allows its customers to tap into UnionPay networks; other banks’ deals (NAB and Commonwealth) explicitly allow UnionPay cardholders to access ATM and merchant networks in Australia. The ANZ agreement is described as tentative and focused on linking ANZ customers to UnionPay’s networks.
Yes. The article says banks apparently need to invest considerable resources to upgrade systems to accept UnionPay cards, which explains why establishing these arrangements can require significant time and investment.
For investors, ANZ’s move signals an effort to better serve Asia‑Pacific customers and capture tourism spending from China — an important growth market. It also shows competition among major Australian banks (ANZ, NAB, Commonwealth) to secure payment partnerships that support merchant relationships and international transaction flows.
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