ICBC New Zealand & UnionPay International to boost QR code payments

By Gloria Mathias

ICBC New Zealand and UnionPay International have announced a strategic partnership to expand payment solutions. With this partnership, ICBC New Zealand individual customers can 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 travel to China following the normalisation 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, South Korea, etc.

The feature, which was 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 traveller’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.

Following the collaboration, 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 an expanded acceptance network. We believe this will bring great convenience to New Zealanders when they travel to China and beyond.”

Jian, Jiangtao, Head of UnionPay International (South Pacific), said, “With the 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 of paying overseas. This collaboration with ICBC NZ will significantly improve our service and product offerings for residents and businesses in New Zealand.”