The new partnership extends payment services for consumers and merchants
AUCKLAND, New Zealand, Aug. 30, 2023 /PRNewswire/ -- UnionPay International (UPI) has announced its alliance with Kiwibank, ensuring that as of 1st August 2023, Kiwibank eligible merchants can now accept UnionPay cards for in-person payments. In addition to offering EMV-compliant security chip payment, Kiwibank will also provide UnionPay mobile QuickPass to its customers.
The partnership expands UnionPay card acceptance across various sectors in New Zealand including food and drinks, accommodation, transportation, entertainment, shopping, and more.
The collaboration underscores UPI and Kiwibank's dedication to broadening payment options and delivering a comprehensive, seamless customer experience. As a result, UnionPay card acceptance in New Zealand has soared to 95%, and contactless terminal acceptance rates have reached 75%.
According to Statista Market Insights, the value of digital payment transactions in New Zealand is expected to rise from 6 billion in 2017 to 22 billion by 2027. Notably, mobile POS payments are projected to see an increase from just under 1 billion to 4 billion during the same period.
"Our partnership with Kiwibank is a significant step in our global outreach," said Carlos Li, Country Manager of UnionPay International New Zealand Branch. "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."
"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," said Joanna Greaves, General Manager of Kiwibank Business Banking.
Today, UPI's global presence is extensive, with its acceptance network covering 181 countries and regions. Beyond mainland China, UnionPay has marked its presence at more than 63 million merchants and 1.76 million ATMs. The company has issued over 200 million cards in 78 countries and regions outside of mainland China.
Furthermore, UnionPay's mobile services, including QuickPass and QR code payment, are now accepted in 99 countries and regions, with over 16 million merchants outside mainland China. The company has also gained traction in the digital domain, with over 170 e-wallets across 30 countries accepting UnionPay cards and 22 million online merchants from 200 countries and regions outside mainland China integrating UnionPay as a payment method.
About UnionPay International
UnionPay International focuses on the international business of UnionPay, a global payment network that serves the world's largest cardholder base.
Kiwibank is a purpose-led organisation that has modern, Kiwi values at heart and keeps Kiwi money where it belongs - right here in New Zealand. As a Kiwi bank, with more than a million customers, our trusted experts are focused on supporting Kiwi with their home ownership aspirations and backing local business ambitions, so together we can thrive here in Aotearoa and on the world stage. Kiwibank is the #1 bank in Kantar's 2023 Corporate Reputation Index and the only bank in the top 20. To find out more about Kiwibank visit www.kiwibank.co.nz