Western Union, CUP Enable Tuition Payments by Chinese Students
Nov. 13, 2012
Western Union yesterday said its Western Union Business Solutions unit will expand a partnership with Chinese card network China UnionPay (CUP) that will enable universities around the world to accept online payments for tuition and student fees in Chinese currency—the renminbi (RMB). The agreement calls for CUP’s online and mobile payments subsidiary, ChinaPay, and Western Union Business Solutions to integrate the Chinese company’s online and mobile payment portals and WU’s foreign exchange and payment platforms. The companies said the partnership will enable faster reconciliation of funds for Chinese students who pay online with their CUP payment cards.
“More students go abroad from China than any other country in the world,” said Kerry Agiasotis, chief commercial officer for Western Union Business Solutions. “Over one 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.”