UnionPay International (UPI), the global arm of a leading payment network, has formed an alliance with Kiwibank, New Zealand’s local banking hero. This fresh collaboration ensures that Kiwibank’s eligible merchants can now accept UnionPay cards for in-person transactions, commencing from the 1st of August, 2023.
The main thrust behind this partnership is to expand payment services for both consumers and merchants in New Zealand. By integrating UnionPay card and mobile QuickPass acceptance, Kiwibank seeks to enhance payment experiences across sectors such as food and drinks, accommodation, transportation, entertainment, shopping, and more.
Zooming into what each company offers: UPI focuses on the international pursuits of UnionPay, a global payment giant serving the world’s most extensive cardholder base. Kiwibank, deeply rooted in New Zealand culture and values, emphasises keeping Kiwi money within the country. Their mission is to support New Zealanders in home ownership and business endeavours.
Further insights indicate the massive potential this partnership holds. UnionPay card acceptance in New Zealand has already rocketed to a staggering 95%, while contactless terminal acceptance rates have touched 75%. Digital payment projections for New Zealand suggest a rise in transaction value from 6bn in 2017 to 22bn by 2027. Mobile POS payments are also on the rise, expecting to quadruple within the same decade.
UnionPay’s vast international presence covers 181 countries. Beyond China, it boasts of being accepted at over 63 million merchants and 1.76 million ATMs. UnionPay has already issued an impressive 200 million cards outside mainland China. Additionally, UnionPay’s mobile services, including QuickPass and QR code payments, are widely accepted, while the digital domain shows an expanding acceptance of UnionPay cards across numerous e-wallets and online merchants.
UnionPay International New Zealand Branch Country Manager Carlos Li said, “Our partnership with Kiwibank is a significant step in our global outreach. We’re expanding payment options for merchants and enhancing New Zealand’s ties to global payment systems, introducing unparalleled payment experiences for local consumers. This collaboration will enrich the payments landscape in New Zealand, offering businesses and consumers more choices in the payment experience.”
Kiwibank Business Banking General Manager Joanna Greaves remarked, “The partnership with UnionPay International expands the acceptance opportunities for Kiwibank’s merchants who will now be able to accept UnionPay cards when presented for payment.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
