The Industrial Commercial Bank of China (ICBC) has partnered with Union Pay to introduce a new card in New Zealand that acts as both credit and debit card.
The card is dual currency, holding both New Zealand dollars and Chinese yuan renminbi.
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ICBC New Zealand chairman Don Brash said, "It’s debit and credit. If you are in New Zealand, you can have your account debit in New Zealand Dollars; if you are in China, you can have your debit in Yuan.
"Basically, it works for anyone goes to China particularly, or Chinese people who visit New Zealand," Brash added.
The Union Pay debit cards can be used by customers to withdraw cash from 30% of ATMs in New Zealand and is also accepted by around 10,000 retail outlets.
Union Pay president Shi Wenchao said that New Zealand is an important market for Union Pay with expanding customer base and Union Pay card is becoming more and more familiar and popular with New Zealand customers.
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