Western Union Partnership with ChinaPay Will Enable Direct RMB Payments for Universities around the World
12 11월 2012 - 10:00PM
Business Wire
Western Union Business Solutions, a unit of The Western Union
Company (NYSE:WU), today announced its plans for expanding Western
Union’s partnership with ChinaPay, the online and mobile payments
subsidiary of UnionPay, the bankcard association in China.
The expanded partnership with Western Union Business Solutions
will enable participating universities and higher education
institutions around the world to accept international tuition and
student fees in the Chinese Renminbi (RMB).
Together, Western Union Business Solutions and ChinaPay intend
to offer an integrated, co-branded platform that will allow
universities to give incoming Chinese students and their parents
the ability to make foreign tuition payments in their home country
and currency. Combining ChinaPay’s online and mobile payment
portals with Western Union Business Solutions’ integrated foreign
exchange and payment platforms will enable fast and reliable fund
reconciliation and will allow payers to have funds deducted from
their UnionPay cards in real time.
“More students go abroad from China than any other country in
the world,” said Kerry Agiasotis, Chief Commercial Officer, Western
Union Business Solutions. “Over 1 million Chinese students studied
abroad in 2011 and China is clearly an important market for
universities globally. I am delighted that our partnership with
ChinaPay will allow us to create a platform that will make it easy
for them to accept local RMB payments in a timely and efficient
manner.” 1
“We are excited to be launching this collaboration with Western
Union Business Solutions,” said Cathy Wang, Vice General Manager of
ChinaPay. “International education is increasingly important for
many in China. Western Union’s work to improve the speed and
efficiency of cross-border payments for hundreds of universities
and higher education institutions around the world make them an
ideal partner that will give students and their families a
reliable, convenient payment solution.”
Students from China comprise 25 percent of the international
student body in the United States according to the Institute for
International Education’s Open Doors report published today. In the
2011/2012 academic year, there were 194,029 students from China
studying in the US, which represents an increase of 23 percent from
the previous year. In Canada, 21,814 Chinese students entered in
2011, representing 22 percent of the country’s international
students according to Citizenship and Immigration Canada
(CIC).2
“Hundreds of millions of Chinese cardholders
use ChinaPay’s online services; they really are the market leader,”
concluded Mr. Agiasotis. “Combining their innovative and extensive
platforms with our existing service will enable universities to
make the most of the opportunities a globalized Renminbi presents
and offer local currency payments in one of the world’s largest
international student markets.”
Western Union Business Solutions is sponsoring a free
webinar on November 14 at 2pm ET hosted by the Chronicle of Higher
Education titled The Globalization of Higher
Education. Officials from the University of Notre Dame and St.
Andrews University will share their experiences improving business
processes, and potentially protecting their institutions against
unnecessary risk via Western Union’s inbound and outbound payment
solutions. All content presented during the event is provided by
Western Union.
Western Union Business Solutions enables businesses,
colleges and universities of all sizes to send and receive
international payments and manage foreign exchange in more than 135
currencies, creating unique solutions tailored to suit their FX
needs. Institutions are supported by a network of trading offices,
strategic banking relationships and a global clearing network.
Universities use the cross-border payments service for study-abroad
programs, student refunds, and for professors or recruiters
traveling worldwide. For more information, visit
http://business.westernunion.com/industry/education/
About Western Union
The Western Union Company (NYSE: WU) is a leader in global
payment services. Together with its Vigo, Orlandi Valuta, Pago
Facil and Western Union Business Solutions branded payment
services, Western Union provides consumers and businesses with
fast, reliable and convenient ways to send and receive money around
the world, to send payments and to purchase money orders. As of
September 30, 2012, the Western Union, Vigo and Orlandi Valuta
branded services were offered through a combined network of
approximately 510,000 agent locations in 200 countries and
territories. In 2011, The Western Union Company completed 226
million consumer-to-consumer transactions worldwide, moving $81
billion of principal between consumers, and 425 million business
payments. For more information, visit www.westernunion.com.
About ChinaPay
ChinaPay was established in 2002 to engage in the online payment
acquiring business under UnionPay. ChinaPay is a leading
third-party payment service provider in China and holds the
electronic payment licenses for third-party payment companies
issued by the People’s Bank of China. ChinaPay's self-proprietary
unified payment gateway provides comprehensive and secure internet
and mobile payment solutions for merchants. ChinaPay spearheaded
the cross-border acceptance of UnionPay cards online by launching
cooperation with overseas partners to provide merchants with
internet payment solutions. For more information, please visit
www.chinapay.com.
1 Beijing Times, 21 August, 2012;
http://www.chinadaily.com.cn/china/2012-08/21/content_15693813.htm2
Citizenship and Immigration Canada;
http://www.cic.gc.ca/english/resources/statistics/facts2011/temporary/13.asp
WU-F, WU-G
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