ICBC launches first Union Pay credit card in New Zealand

A leading Chinese bank launched its first credit and debit card in partnership with China's Union Pay on Tuesday.

The Industrial Commercial Bank of China (ICBC), the world's largest bank in term of assets and market capitalization, launched its first credit and debit card in the southern hemisphere aimed at providing a more convenient tool for frequent travelers to Asia including China.

Shi Wenchao, president of Union Pay, said that New Zealand is an important market for Union Pay with expanding customer base and Union Pay card is becoming more and more familiar and popular with New Zealand customers.

According to him, debit cards with Union Pay logo can withdraw cash from 30 percent of ATMs in New Zealand and is accepted by some 10,000 business outlets.

He revealed that Union Pay card holders reached some 4.2 billion, exceeding those of Visa and Master though Union Pay is yet the most widely used card in the world.

Don Brash, chairman of ICBC New Zealand acknowledged the gap between Union Pay and its competitors but was confident Union Pay would become a major card issuer in the future. "I think the competition (among Union Pay, Visa and Master) is healthy. I think Visa and Master cards are also fine cards, but Union Pay is now held by even more people than Visa and Master card. And I think Union Pay will be a very strong competitor in the years ahead," Don told Xinhua in an interview. "Basically, it works for anyone goes to China particularly, or Chinese people who visit New Zealand," Don Brash told Xinhua.

"It's a dual currency card. It's debit and credit. If you are in New Zealand, you can have your account debit in New Zealand Dollars; if you are in China, you can have your debit in Yuan."

"So we think it's a great stimulus for trade between New Zealand and China, tourism between New Zealand and China. It will be increasingly used by merchants around the country," he said.

"If you travel in anywhere in Asia in fact, Union Pay is increasingly used throughout the Asian region and it's a very accessible card for that reason," he said.

David Lee, director and chief Cooperation officer of Union Pay International, shared the same optimism about Union Pay's expansion in New Zealand.

"It will provide a lot of conveniences for the consumers here. I'm quite confident that this card will be well received in New Zealand."

Wang Lutong, Chinese ambassador to New Zealand, hailed the launch of the ICBC card given the surge of trade, tourism and education between the two countries.

"China now is New Zealand's biggest trading partner and source of overseas students. I hope the cooperation between the financial institutions will follow the trend and play a pivotal role."