National Australia Bank is rolling out Chinese QR code payment method Alipay across the country, with the bank to offer it to its Australian business customers from 2019.
Enterprises with a NAB merchant terminal will be able to offer Chinese travellers Alipay in-store, along with access to promoting their businesses on Alipay’s marketing platform, which now holds 870 million active users.
Shane Conway, executive general manager of deposit and transaction services at NAB said that more than 1 million Chinese tourists visit Australia each year, spending more than $11 billion.
“By making China’s number one payment method available to NAB business customers, we’re enabling greater customer service and providing our business customers with access to this large tourism sector which is a win-win for everyone,” Mr Conway said.
“We’re beginning pilot testing with a small group of business merchant customers in November, before making the payment system available to all merchants through existing point-of-sale terminals in early 2019.”
George Lawson, country manager of Australia and New Zealand at Alipay said he is delighted to partner with NAB to help their business customers across the country connect to the expanding number of Chinese tourists.
“China is now Australia’s largest tourism market accounting for 81 per cent of the growth in tourism spend in Australia in the last 12 months. Enabling seamless payments with Alipay represents a significant commercial opportunity for Australian businesses,” said Mr Lawson.
He said the deal provides tens of thousands of merchants the ability to switch-on Alipay seamlessly and reduce friction at the point of sale for Chinese visitors, residents and students.
“Beyond facilitating transactions, Alipay’s marketing platform drives incremental customers and revenue as it offers the best exchange rates and reduces the anxieties associated with using a foreign currency,” Mr Lawson said.
“We expect this deal will give NAB a significant advantage among business owners wanting to capitalise on the China opportunity.”
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
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