NAB business customers will soon be able to benefit from increased access to Chinese trade as NAB announces a collaboration with Alipay.
NAB Executive General Manager of Deposit and Transaction Services Shane Conway said more than a million Chinese tourists visit Australia each year spending over $11 billion. The bank’s initiative with Alipay will allow Australian businesses access to the popular Chinese payment platform.
“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,” Conway said.
The bank has begun testing the service with business merchants this month and is expected to roll out the payment system to all merchants through existing point of sale in 2019.
The move means from next year NAB merchant terminals can offer Chinese tourists Alipay, their preferred QR code payment method, in-store.
Conway said this will unlock opportunities for small businesses to promote their businesses on Alipay’s marketing platform which has 870 million active users.”
Alipay Country Manager of Australia and New Zealand George Lawson said he is delighted to partner with NAB to help their business customers across the country connect with 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.
“This 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. We expect this deal will give NAB a significant advantage amongst business owners wanting to capitalise on the China opportunity.”