China's UnionPay begins Australian expansion(3)

"Our partnership with UnionPay is further evidence of our commitment to supporting Australian businesses, providing customers with the ability to process a wider range of payment options and tap into a growing customer base," said Commonwealth Bank Group Executive, Institutional Banking and Markets, Ian Saines.

Recently-appointed Consul General of the People's Republic of China in Sydney Li Huaxin also expressed warm congratulations on the partnership, saying the deal would extend an invitation of welcome to potential Chinese visitors.

"Over the past years we have witnessed a boom in Sino- Australian relations. China is Australia's number one trading partner, the biggest export market and fourth in imports, and the second-largest source of travellers," said Li.

"Chinese tourists are keen to get shopping while traveling overseas, which makes China UnionPay a significant channel of sharing China's economic growth all over the world," he added.

David Jones, one of Australia's largest and oldest department stores, also Wednesday announced the launch of UnionPay acceptance in its stores, keen to capitalize on the growing number of Chinese visitors to Australia -- which currently includes more than 700, 000 UnionPay card holders every year.

David Jones CEO and Managing Director Paul Zahra said that customers continued to be the key to David Jones' success as the store celebrates its 175th year.

"Our success as a retailer lies in our ability to change and adapt according to what our customers and the market want," Zahra said.