Australia-based lender Westpac is partnering with UnionPay of China to make its automated teller machines (ATMs) accessible for UnionPay cardholders.
The deal, which is expected to be signed soon, will allow UnionPay’s Chinese cardholders to access Australian dollars directly from ATMs from their yuan-denominated accounts.
Additionally, they will be able to use the cards at Westpac-associated EFTPOS terminals and online payment facilities.
UnionPay has four billion cards, mostly debit cards, in circulation throughout the world. It also has distribution deals with the Commonwealth Bank and National Australia Bank.
The successful deal is likely to lead to more such deals between both the organisations.