The partnership expands UnionPay card acceptance across various sectors in New Zealand including food and drinks, accommodation, transportation, entertainment, shopping, and more. In addition to offering EMV-compliant security chip payment, Kiwibank will also provide UnionPay mobile QuickPass to its customers.
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 increased to 95%, and contactless terminal acceptance rates have reached 75%, as per the press release.
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.
Officials from UnionPay said that their partnership with Kiwibank is a significant step in their global outreach. They're expanding payment options for merchants and enhancing New Zealand's ties to global payment systems, introducing augmented 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, General Manager at Kiwibank, said 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.
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 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, according to the company.
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