Western Union Business Solutions plans to expand its partnership with ChinaPay, the online and mobile payments subsidiary of UnionPay, to enable participating universities and higher education institutions around the world to accept international tuition and student fees in the Chinese renminbi (RMB).
Western Union Business Solutions and ChinaPay intend to offer an integrated, co-branded platform that will allow universities to give incoming Chinese students and their parents the ability to make foreign tuition payments in their home country and currency. Combining ChinaPay’s online and mobile payment portals with Western Union Business Solutions’ integrated foreign exchange (FX) and payment platforms will enable fast fund reconciliation and will allow payers to have funds deducted from their UnionPay cards in real time.
“We are excited to be launching this collaboration with Western Union Business Solutions,” said Cathy Wang, vice general manager of ChinaPay. “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.”
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