Western Union Expands Indian Rupee Payments for Colleges and Universities
05 2월 2013 - 10:00PM
Business Wire
Western Union Business Solutions, a unit of The Western Union
Company (NYSE:WU), today announced a new service that will make it
easier for universities and higher education institutions around
the world to accept tuition payments in Indian Rupee.
Over 200,000 Indian students study abroad each year, making
India the second largest market for international students in the
world after China.1 These students are typically invoiced in the
currency of their university (e.g. US or Canadian Dollar), which
often makes the payment process cumbersome and expensive. In many
cases, intermediary fees impact the final amount received by the
university so the students still owe money before commencing their
studies.
Western Union’s new service will enable participating schools
and universities to offer Indian students the option to pay tuition
fees in their home currency. It will be offered by Weizmann Forex
and Paul Merchants Limited, the two largest Western Union Agents in
India. Both Weizmann Forex and Paul Merchants Limited will make
this product available to students at multiple locations across the
country.
Students will also be able to pay from their homes by calling a
toll-free number and requesting a house visit. In that instance, a
trained representative of Paul Merchants Limited or Weizmann Forex
will come to the student to collect the relevant documentation and
arrange INR settlement on behalf of the university.
Kerry Agiasotis, Chief Commercial Officer, Western Union
Business Solutions said: “This new product will enable fast and
reliable tuition payments from India to universities around the
world – an aim many of our higher education clients share.”
“Nearly a quarter of a million Indian students study abroad. Our
service will make it easier for universities to help these students
as they prepare for an invaluable international education.”
“We envision a world in which educational opportunities
transcend borders, and so we applaud Western Union’s commitment to
facilitating international educational exchange,” said Institute
of International Education president Allan E. Goodman. “In
2012, IIE presented Western Union with its Opening Minds Corporate
Leadership Award, in recognition of Western Union’s exemplary
leadership and outstanding commitment to education and corporate
social responsibility around the globe.”
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
April 24, 2012, the Western Union, Vigo and Orlandi Valuta branded
services were offered through a combined network of approximately
500,000 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 Paul Merchants Limited
Paul Merchants Limited (PML), an ISO 9001:2008 certified Company
for its quality procedures & processes, is the flagship company
of the “PAUL GROUP OF COMPANIES." The group is a vast diversified
conglomerate with prominent interests in International Money
Transfer, Foreign Exchange, Tours & Travels, Finance, Insurance
Products & Satellite TV. Under the aegis of a specific RBI
License, PML actively commenced its International Money Transfer
operations in 1999 by partnering with Western Union. Today PML has
grown to be one of Western Union’s largest Principal Agents in the
Asia-Pacific region with a widespread network of over 600 own
offices and 21,000 franchisees. PML is amongst the leading players
in foreign exchange as a RBI Licensed Authorized Dealer II and is a
fast emerging name in Tours & Travels having IATA accreditation
as well as an affiliation with the Indian Ministry of Tourism.
About Weizmann Forex
Weizmann Forex Ltd. is a part of the Weizmann Group, an INR 35
billion company that has diverse interests in hydro and wind power,
textile manufacturing, foreign exchange transactions, inward money
transfer and other financial services. Established in 1997,
Weizmann Forex was one of the first companies to be licensed by RBI
to operate as a Category 2 Authorized Dealer. With a modest
beginning of four branches, Weizmann Forex has grown to become a
leading player in the retail foreign exchange market with a network
of 350+ locations spread all over India. Weizmann Forex deals
in Foreign Currency Cash, Foreign Currency Demand Draft (DD) and
Telegraphic Transfer (TT), Prepaid Travel Cards, Travelers’ Checks,
Travel Insurance, General Insurance, Tours and Travel,
International and Domestic Air Tickets, Mobile and DTH recharge as
well as offering Western Union’s wide portfolio of payment
services. As an Agent Partner, Weizmann Forex has over 47,000
locations, making it the largest Agent Network for Western
Union in the world.
1
http://www.uis.unesco.org/EDUCATION/Pages/international-student-flow-viz.aspx
WU-F, WU-G
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