Western Union Expands Global Tuition Payments for Students in Asia
July 16 2013 - 8:30AM
Business Wire
The Western Union Company (NYSE:WU) today announced it has
launched new global tuition payment services with Hana Bank, a
leading bank in South Korea, as well as ChinaPay and CITIC Bank in
China to allow international students to pay for tuition and
education fees in their own currencies.
Chinese and Korean students make up 35 percent of the
international student body in the United States.1 Western Union
Business Solutions’ new payment solutions in China and South Korea,
provided in conjunction with ChinaPay, CITIC Bank and Hana Bank,
will allow participating universities and higher-education
institutions to accept international tuition and student fees in
the Chinese Renminbi (RMB) and Korean Won (KRW). These launches,
combined with the recent launch of Indian Rupee (INR) payments,
mean the company has brought new services to markets in the last
year that represent over 50 percent of all international students
in the United States.2
“Since 2000, the number of internationally mobile tertiary
students has exploded, growing by over 75 percent to 3.6 million,”3
said Kerry Agiasotis, Chief Commercial Officer, Western Union
Business Solutions. “Much of this demand has been driven by
students from China and South Korea who, along with those from
India, represent approximately 30 percent of the total worldwide
international student population.”4
“I am delighted that we are able to support colleges and
universities by ensuring quick and hassle-free payments for their
international students.”
The new services in China and South Korea coincide with the
launch of a new payment portal for higher-education clients,
GlobalPay for Students, which will make global tuition payments
easier and more transparent for users. Benefits include the ability
to send local currency payments in over 60 countries as well as
automated emails for students informing them when funds have
cleared, reducing time spent chasing confirmation that payments
have arrived.
“International education is an important part of the student
experience for many in Korea,” said Jae-choon Lee, General Manager
of International Business Operations, Hana Bank. “Many Korean
students, however, face challenges when paying tuition and student
fees, including delayed or incomplete payments. We are excited to
be launching this new service with Western Union Business
Solutions; their partnerships with hundreds of leading universities
make them the right partner for us to offer our customers a
solution that means they will be able to make fast and convenient
international education payments.”
Kerry Agiasotis concluded: “The demand for a global education
will continue to grow as more students capitalize on the benefits
of international study. That is why we are bringing new solutions
to market that address real needs in the education sector, not just
in China and South Korea, but also India, Singapore and
Europe.”
“It is our goal to ensure that student mobility is unaffected by
a student’s home country or where in the world they choose to
study.”
Western Union Business Solutions enables businesses,
colleges and universities of all sizes to send and receive
international payments and manage foreign exchange in more than 135
currencies, creating unique solutions tailored to suit their FX
needs. Institutions are supported by a network of trading offices,
strategic banking relationships and a global clearing network.
Universities use the cross-border payments service for study-abroad
programs, student refunds, and for professors or recruiters
traveling worldwide. For more information, visit
http://business.westernunion.com/industry/education/.
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
March 31, 2013, the Western Union, Vigo and Orlandi Valuta branded
services were offered through a combined network of approximately
515,000 agent locations in 200 countries and territories and
approximately 100,000 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.
1 According to the 2012 IIE Open Doors study, 25.4% and 9.5% of
international students in the United States are from China and
South Korea, respectively.
2 According to the 2012 IIE Open Doors study, 13.1% of
international students in the United States are from India.
3 According to the UNESCO Institute for Statistics:
http://www.uis.unesco.org/Education/Pages/international-student-flow-viz.aspx.
4 According to the UNESCO Institute for Statistics:
http://www.uis.unesco.org/Education/Pages/international-student-flow-viz.aspx.
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