CIBC banking machines to take China bank card
Last Updated: Monday, September 28, 2009 | 2:11 PM ET
CBC News
Customers holding one of the 1.9 billion China Unionpay cards will be able to engage in financial transactions in any of CIBC's 3,800 ABMs across Canada, CIBC said.
"It's a first," said Doug Maybee, CIBC's media relations director.
The Unionpay cards also can be used as a debit card to pay for goods and services although it is unclear whether any Canadian merchants currently accept the Chinese card.
CIBC's move appears to be part of an effort by the bank to attract more Chinese-language bank customers and investors.
The World Tourism Organization estimates that by 2010, China will be one of the top three out-bound tourism markets in the world, giving banks an obvious incentive to start accepting Chinese bank cards.
CIBC already has Chinese-language screens at its ABMs, as do other Canadian financial institutions. In addition, the bank also offers website and phone service to its clients in the Asian language.
China Unionpay has ABM and merchant agreements with 67 other countries.
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