ICBC New Zealand expands payment options with UnionPay QR feature

  -ICBC New Zealand individual customers are now able to pay UnionPay QR-enabled merchants in over 46 markets by using the ICBC NZ Mobile app

WELLINGTON, New Zealand, Jan. 19, 2024 /PRNewswire/ -- ICBC New Zealand individual customers can now use their ICBC Mobile app to easily make retail payments to UnionPay QR-enabled merchants in over 40 markets from their ICBC New Zealand bank accounts. The launch is timely given the surge in cross-border travels to China following the normalization of international flights. The feature was introduced given the rising popularity of QR code payments globally, especially in Asia. The feature would also be used at other popular Asian destinations including Singapore, Malaysia, Thailand and South Korea etc.

The feature, which has been launched at the beginning of December, is especially useful in markets where digital apps have become key payment tools. Payments are made directly from customers' ICBC accounts up to the daily transaction limit of NZD$20,000 – sufficient for the everyday traveler's expenses.

The successful release of the QR code payment function is the result of the collaboration between ICBC New Zealand and UnionPay International (UPI) in 2023.

Mr. Bin Liu, Acting CEO of ICBC New Zealand, said, "As the first commercial bank in New Zealand to directly support the innovative QR Code payment, we are proud of being able to provide our customers with unique payment options and expanded acceptance network. We believe this will bring great convenience to New Zealanders when they travel to China and beyond."

Mr. Jian, Jiangtao, Head of UnionPay International (South Pacific), said, "With rising popularity of QR code payment in New Zealand, and increasing demand from Kiwis for a local bank app that supports QR code payment for international travel, we are pleased to embark on this digital partnership with ICBC NZ. This partnership enables customers using their ICBC Mobile App to pay in New Zealand and over 45 other markets, saving them the hassle in payment in overseas. This collaboration with ICBC NZ will significantly improve our service and product offerings for residents and businesses in New Zealand."

About ICBC NZ

Being a subsidiary of Industrial and Commercial Bank of China, ICBC New Zealand gained operation permit from the Reserve Bank of New Zealand on 19 November 2013. Being the first approved Chinese bank, it is also the first institution of ICBC launched in New Zealand. Based on the leading market position of ICBC, ICBC New Zealand offers an extensive range of financial products and services including account management, dual currency debit card, remittance, foreign exchange, international settlement, corporate loans, trade finance and mortgage loans etc. Integrated with ICBC's internationalisation steps, ICBC New Zealand will always aim at becoming a bridge between New Zealand and China to boost bilateral economic and trade relationship while serving local development.

About UnionPay International

UnionPay International (UPI) is a subsidiary of China UnionPay focused on the growth and support of UnionPay's global business. In partnership with more than 2600 institutions worldwide, UnionPay International has enabled card acceptance in 183 countries and regions with issuance in 82 countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world's largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants. In New Zealand, UnionPay has partnered with more than 93,000 merchants , with 91% of ATMs and 93% of POS accepting UnionPay cards.

SOURCE UnionPay International