Western Union Partnership with ChinaPay Will Enable Direct RMB Payments for Universities around the World

  Western Union Partnership with ChinaPay Will Enable Direct RMB Payments for
  Universities around the World

Business Wire

ENGLEWOOD, Colo. -- November 12, 2012

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 Solutionsis 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 Solutionsenables 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.htm
^2 Citizenship and Immigration Canada;
http://www.cic.gc.ca/english/resources/statistics/facts2011/temporary/13.asp

WU-F, WU-G

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Contact:

Western Union Business Solutions
Anna Alejo (Media-US)
720-332-3884
anna.alejo@westernunion.com
or
Jennifer Berlin (Media-International)
+44 779 549 7129
jennifer.berlin@westernunion.com
or
Mike Salop (Investors)
720-332-8276
mike.salop@westernunion.com
or
ChinaPay
Mr. Jian, GUAN
+86 21 6087 2156
guan.jian@ChinaPay.com