Western Union Significantly Grows Its Reach in China
Western Union launches Direct-to-Bank Money Transfers to China with China
UnionPay and Account-Based Money Transfers to the World’s Largest Bank,
Industrial and Commercial Bank of China
ENGLEWOOD, Colo. -- September 11, 2013
The Western Union Company (NYSE: WU) a leader in global payment services,
today significantly expanded into China’s banking channel, paving the way for
international direct-to-bank remittances into China from 23 countries while
also expanding its international Account-Based Money Transfer service.
Western Union customers can send direct-to-bank money transfers to China from
23 countries via select retail locations and www.westernunion.com online money
transfer sites^1. This unprecedented agreement with China UnionPay’s ChinaPay
enables Western Union to reach more than 95 percent of all personal bank
accounts in China.
In addition, Western Union has launched Account-Based Money Transfers with one
of the world’s largest banks, Industrial and Commercial Bank of China (ICBC).
The agreement enables more than 400 million ICBC customers to direct Western
Union money transfers received from more than 200 countries and territories
into their bank accounts via online banking 24 hours a day, seven days a week.
“Western Union’s unique global retail network and recent investments in
technology continue to enable the company to expand and attract global and
regional business across the industry, including banks, payments networks and
mobile operators,” said Hikmet Ersek, President and CEO of Western Union.
“Western Union’s integration of its global retail network and digital
channels, including westernunion.com, with leading financial services
providers such as China UnionPay’s ChinaPay and Industrial and Commercial Bank
of China is innovation at its best – delivering tailored Western Union
financial services to meet consumer needs.”
Western Union President and CEO Hikmet Ersek is in Dalian, China as a lead
mentor at the World Economic Forum meeting. He officiated at an event with Guo
Rongli, Chief Financial Officer of China UnionPay and Chairwoman of UnionPay
Merchant Services today and will participate in an event with Jiang Jianqing,
Chairman of ICBC, on Wednesday, Sept. 12.
“Western Union, China UnionPay and Industrial and Commercial Bank of China
share a common vision: moving money from different parts of the world, giving
customers choice and convenience, and helping them grow and achieve their
potential,” Ersek said.
In 2012, Western Union moved money from 197 countries into China, which
demonstrates the significance of the company’s cooperating partnerships in
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 June
30, 2013, the Western Union, Vigo and Orlandi Valuta branded services were
offered through a combined network of approximately 520,000 agent locations in
200 countries and territories and approximately 115,000 ATMs. In 2012, The
Western Union Company completed 231 million consumer-to-consumer transactions
worldwide, moving $79 billion of principal between consumers, and 432 million
business payments. For more information, visit www.westernunion.com.
About China UnionPay / ChinaPay
Established in March 2002, China UnionPay is a bankcard association, owns
about 400 domestic and overseas associate members, based in Shanghai, China.
It operates an inter-bank transaction settlement system between banking
systems and the inter-bank, cross-region and cross-border usages of bankcards
issued by associate banks. In order to meet the growing demand for card use of
the Chinese in overseas business, travel and study, UnionPay is dedicated to
the construction of an international acceptance network. As of today, UnionPay
cards have been accepted in 141 countries and regions outside China. For more
information, visit www.unionpay.com.
ChinaPay E-Payment Services belongs to China UnionPay. As the earliest
established third-party payment company in China, ChinaPay is the first
unified payment gateway internet company in China. As a leading payment and
value added payment service provider, ChinaPay spearheaded comprehensive
payment solutions to enterprises, institutions and cardholders, based on
UnionPay’s professional bankcard service system. For more information, please
About Industrial Commercial Bank of China
Industrial and Commercial Bank of China Limited (Stock Code
SH:601398;HK:1398), is the top large listed bank in the world in terms of
market capitalization, customers’ deposits and profitability, possessing an
excellent customer base, a diversified business structure, strong innovation
capabilities and market competitiveness. The Bank provides comprehensive
financial products and services to over 4 million corporate customers and 400
million personal customers by virtue of the distribution network consisting of
over 17 thousands domestic institutions, 400 overseas institutions and over
1,600 correspondent banks worldwide, as well as through its E-banking network
comprising a range of internet and telephone banking services and self-service
banking centers, basically forming an internationalized trans-market operating
structure focusing on commercial banking business and maintaining a leading
position in the domestic market in commercial banking areas. For more
information, visit www.icbc-ltd.com.
^1 Retail countries: UK, France, Canada, Malaysia, Singapore
westernunion.com sites: UK, France, Germany, Norway, Sweden, Italy,
Netherlands, Ireland, Spain, Switzerland, Belgium, Denmark, Finland, Poland,
Portugal, Greece, Estonia, Luxembourg, New Zealand
Asia Pacific (Hong Kong)
Pia De Lima, +852-9261-8155
Global Corporate Communications (US)
Dan Diaz, +1 303-547-2347
Mike Salop, +1 720-332-8276
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