Western Union Partnership With ChinaPay Will Enable Direct RMB Payments for
Universities Around the World
LONDON, November 13, 2012
LONDON, November 13, 2012 /PRNewswire/ --
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
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 bank
accounts 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."
"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 comprised 15.72 per cent of the international student body
in the United Kingdom in 2010-11, according to the UK Council for
International Student Affairs (UKCISA). ^ 67,325 Chinese students studied
in the UK in 2010-11, an increase of 18 per cent from the previous year, and
China provides more international students to the UK than any other country.
"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 globalised Renminbi
presents and offer local currency payments in one of the world's largest
international student markets."
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
1. Beijing Times, 21 August, 2012;
2. Source: http://www.ukcisa.org.uk/about/statistics_he.php#table1
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 http://www.westernunion.com .
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 http://www.chinapay.com
Contact: Western Union Business Solutions
+44-779-549-7129 firstname.lastname@example.org Redleaf Polhill Lauren
Franze / George Parrett / Karl Wiseman +44-207-5666-750
email@example.com ChinaPay Mr. Jian, GUAN +86-21-6087-2156
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