Western Union is expanding its partnership with ChinaPay through a service which enables universities and higher education institutions to accept tuition fees in Chinese Renminbi (RMB).
Combining ChinaPay’s online and mobile payment portals with Western Union’s integrated foreign exchange and payment platforms, payments can be deducted from UnionPay cards in real time. This will allow Chinese students and their parents to make foreign tuition payments in their home country and currency.
Go deeper with GlobalData
Cathy Wang, Vice General Manager of ChinaPay said "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".
According to the Chinese Ministry of Education, over a million Chinese students studied abroad in 2011. While the Institute for International Education’s ‘Open Doors’ report found that Chinese students comprise 25% of the international student body in the US.
ChinaPay is the online and mobile payments subsidiary of UnionPay, China’s primary bank card association.
