The partnership aims to provide an integrated, co-branded platform that will enable universities to give Chinese students and their parents the ability to make foreign tuition payments in their home country and currency.
ChinaPay is the online and mobile payments subsidiary of UnionPay, the bankcard association in the country.
Leveraging ChinaPay’s online and mobile payment portals with WU Business Solutions’ integrated foreign exchange and payment platforms will enable quick fund reconciliation and will allow payers to have funds deducted from their UnionPay cards in real time.
According the Institute for International Education’s Open Doors report, students from China consist 25% of the overseas student body in the US.
In the 2011/2012 academic year, there were 194,029 students from China studying in the US, which represents an increase of 23% from the prior year.
In Canada, 21,814 Chinese students entered in 2011, representing 22% of the country’s international students according to Citizenship and Immigration Canada (CIC).
Western Union Business Solutions allows businesses, colleges and universities of all sizes to send and receive international payments and manage foreign exchange in more than 135 currencies.
Founded in 2002, ChinaPay is a online and mobile payments subsidiary of UnionPay, which offers comprehensive and secure internet and mobile payment solutions for traders.
