UnionPay and Kiwibank Collaborate to Boost Payments in New Zealand
In a move that aims to revolutionise the payment landscape in New Zealand, UnionPay International (UPI) and Kiwibank have forged a strategic partnership, allowing eligible merchants to accept UnionPay cards for in-person transactions. The collaboration also introduces UnionPay mobile QuickPass to Kiwibank customers, offering heightened security and convenience during transactions. This monumental alliance underscores the shared commitment of UPI and Kiwibank to provide cutting-edge payment options and seamless customer experiences across many sectors, including food and beverages, accommodation, transportation, entertainment, and retail.
With this collaboration, UnionPay card acceptance has soared to 95% in New Zealand. Furthermore, the acceptance rate for contactless terminals has surged to 75%, ensuring that customers can enjoy swift and secure payment methods. As the digital payment landscape in New Zealand continues to evolve, this partnership couldn’t have come at a more opportune time.
Recent insights from Statista Market Insights reveal an anticipated growth trajectory for digital payment transactions in New Zealand, with the value projected to rise from 6 billion in 2017 to an astounding 22 billion by 2027. Mobile point-of-sale (POS) payments are expected to quadruple from just under 1 billion to 4 billion during the same period, indicating a significant shift towards digital and mobile payment methods.
Carlos Li, the Country Manager of UnionPay International New Zealand Branch, highlighted the global implications of this partnership, stating, “Our partnership with Kiwibank is a significant step in our global outreach. 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.”
Joanna Greaves, the General Manager of Kiwibank Business Banking, echoed this sentiment, emphasising how the partnership with UnionPay International paves the way for Kiwibank’s merchants to embrace UnionPay cards for seamless transactions.
The global reach of UnionPay International is extensive, spanning 181 countries and regions, with acceptance at over 63 million merchants and 1.76 million ATMs. Impressively, UnionPay has issued more than 200 million cards across 78 countries and regions outside mainland China. UnionPay’s mobile services, including QuickPass and QR code payment, have gained traction in 99 countries and territories, with over 16 million merchants embracing these services.
Moreover, UnionPay’s digital footprint extends even further, encompassing over 170 e-wallets across 30 countries. Integration with 22 million online merchants from 200 countries and regions outside mainland China solidifies UnionPay’s position as a global leader in payment solutions.
As digitalisation continues to shape the future of financial transactions, the partnership between UnionPay International and Kiwibank is a pivotal moment in New Zealand’s payment evolution. By melding the global reach of UnionPay with Kiwibank’s commitment to local financial support, this collaboration bridges the gap between international networks and local values. With heightened payment options and enhanced payment experiences for consumers and businesses alike, this partnership will undoubtedly shape the payment landscape for years.
