China's UnionPay begins Australian expansion(4)

"A focus of our future strategic direction is transforming David Jones into a world-class omni channel retailer, and the introduction of UnionPay is indicative of our ongoing goal to advance our technology offering," he added.

Zahra said that the partnership would position David Jones as the leading store for international travelers, as the first department chain to introduce access to UnionPay.

"We have long recognized that as retailers we are competing internationally and the ability to tap into the lucrative Chinese market, through both Chinese visitors to Australia and Chinese nationals residing temporarily in Australia, is a great strategic advantage for us," said Zahra.

The average transaction size processed on UnionPay cards is reported to be greater than any other international card, making it an attractive sales opportunity.

Card holders are also abundant around the globe -- every second new card issued around the world is reported to be a UnionPay card, and in the Asia Pacific the network provides 73 percent of all cards issued.

Wednesday's partnership announcements once again demonstrate Australia's commitment to capturing more opportunities with China in the Asian Century, as the Chinese economy continues to grow.

The NSW government says it has begun negotiations with China to make Sydney the first official offshore trading centre for the renminbi outside China, Taiwan and Singapore -- breaking down more barriers to trade in terms of currency.

UnionPay cards are currently used throughout 141 countries and regions around the world, as well as in China. The network will Thursday launch a dual AUD/renminbi currency debit card in Sydney.