US-based money transfer company Western Union has partnered with China UnionPay’s China Pay.
This agreement enables Western Union customers in 23 countries to send money to more than 95% of all personal bank accounts in China with international direct to bank remittances.
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Western Union is also expanding its international account-based money transfer service with Industrial and Commercial Bank of China (ICBC).
Hikmet Ersek, Western Union president and CEO, said: "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."
China UnionPay is a Shanghai-based, bankcard association, with around 400 domestic and overseas associate members. UnionPay cards are accepted in 141 countries and regions outside China.
ICBC in 2013 became the world’s largest bank by market capitalisation.
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