National Australia Bank (NAB) announced on the 19th that it will cooperate with China's electronic payment platform Alipay to open Alipay payment service on the POS machine provided to customers in early 2019. NAB is the first of the four largest banks in Australia to launch this service.
NAB said in a statement on the same day that it will start testing the Alipay service on a small scale from November and gradually open it to all corporate customers. The statement said that this move will provide Chinese tourists with great convenience in purchasing goods and services in Australia.
NAB executives responsible for savings and transfer business Shane Conway said that starting next year, all NAB POS machines can accept Alipay payments, provide Chinese tourists with familiar QR code payment methods, and have a large number of active users. The Alipay marketing platform is promoted and “win-win for everyone”.
Alipay said that the platform can not only help customers complete cross-border transfers, but also provide preferential exchange rates to reduce customers' concerns about using foreign currency settlement.
It is understood that Alipay has previously signed similar agreements or memorandums of cooperation with other financial institutions in Australia, and opened Alipay services in airport duty-free shops on the Gold Coast in eastern Australia earlier this month.
China is an important tourist source country for Australia. According to the Australian National Tourism Research Institute, the number of Chinese tourists coming to Australia has increased by 53% in the past three years, and the total consumption of Chinese tourists has increased by 61% in the past three fiscal years.