ANZ has teamed up with CR2, a card payment solutions provider, to allow the acceptance of UnionPay cards at its ATM and merchant terminal POS networks.

This project includes two phases among which the first phase has already gone live in Australia with ANZ becoming the first Australian bank to accept contactless and EMV enabled UnionPay (UPI) cards.

Scheduled to be implemented later this year, the second phase of the project will include ANZ accepting UPI cards across the entire Oceania and APAC region.

Under the partnership, CR2’s card management acquiring solution will allow ANZ to acquire, recognise, and treat transactions for cards issued by UnionPay.

The solution will enable UnionPay cardholders to make payments at any accepting merchant, or withdraw cash from an ANZ ATM across Asia with their UPI card.

Additionally, CR2 will provide a switching and processing solution to ANZ, enabling UPI cardholders enjoy hassle free transactions when travelling across Asia Pacific.

CR2 corporate accounts director Lance Gourlay said: "We hope to continue moving forward with ANZ in enabling the best possible user experience and the provision of market leading services."