This agreement between the two giants will allow Universities worldwide to use Direct RMB transactions.
The Western Union Business Solutions unit has just announced that it will be broadening its partnership with ChinaPay, the UnionPay subsidiary for online and mobile payments from China’s bankcard association.
This will allow participating universities around the globe to accept international tuition.
In addition to the tuitions for these institutions of higher education, they will also be able to accept student fees in the Renminbi (RMB) the currency of the People’s Republic of China. As ChinaPay and Western Union Business Solutions work together, they will be able to provide a co-branded, integrated platform that will give Chinese students attending universities around the globe the opportunity to make payments in their home currency.
The combination of these mobile payments portals will allow funds transfers to be fast and reliable.
These two portals create an integrated foreign exchange and mobile payments will allow fund reconciliation to occur quickly and with a solid level of dependability so that the students and their parents can use their UnionPay cards to have money deducted in real time when making payments.
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According to the Western Union Business Solutions chief commercial officer, Kerry Agiasotis, “More students go abroad from China than any other country in the world.” She went on to explain that “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.”
The ChinaPay vice general manager, Cathy Wang also expressed the excitement that her company feels about the expansion of the mobile payments partnership. She expressed the importance of international education to the country. She also stated that the benefits of the efforts made by Western Union to improve the efficiency and speed of transactions occurring across the border from hundreds of global universities makes the company a perfect partner for providing those students with convenient, reliable funds movement solutions.