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NAB joins UnionPay on card services

By Li Zengxin (chinadaily.com.cn)
Updated: 2006-09-29 10:25

National Australia Bank (NAB) said it has signed an agreement with China UnionPay that will enable Chinese visitors to Australia to use their Chinese credit and debit cards to make electronic purchases and transfers and use automated teller machines in Australia.

NAB's Australian chief executive Ahmed Fahour said the deal will see about 86,000 Australian merchants opening their doors to a rapidly-growing Chinese visitor market. Fahour said UnionPay estimates that the number of Chinese visitors to Australia is increasing by around 20 percent a year and is likely to exceed 1 million within five years.

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The full text is available in the September Issue ofChina Banking.