Geoswift, Western Union Business Solutions (a subsidiary of The Western Union Company) and UnionPay International have announced a joint tuition payment promotion for Chinese students studying in the United States, Canada, Australia and New Zealand.
The promotion, starting now till Sept 30 2016, is open to UnionPay cardholders who have successfully completed tuition payment via PayTuitionNow portal (with card number starting with 62). The promotion offers complimentary car pick-up service of up to USD $100 for any tuition payment of equal to or greater than USD $4,000 (RMB 25,000). For more information on the promotion, please refer to UnionPay's Haigou.
Geoswift, a leading provider of cross-border payments between China and the rest of the world, partners with Western Union Business Solutions and UnionPay International to provide end-to-end payment services. Together, the three organisations provide participating universities and higher education institutions around the world a payment platform that accepts international tuition and student fees in the Chinese yuan (CNY), enabling Chinese students and families to pay tuition in their local currency.
"China has been a key country of origin for international students to study abroad," said Raymond Qu, founder and CEO, Geoswift. "By providing a simple, secure and efficient payment service, we aim to help support and encourage Chinese students and their families when they are studying abroad."
Recent data has shown that the number of students studying abroad has increased from 2.1 million in 2000 to almost 5 million in 2014. According to the Organization for Economic Co-operation and Development (OECD), international student mobility is likely to reach 8 million students per year by 2025. Currently, almost one in six international students is Chinese.
The United States receives about a quarter of a million Chinese students as the country is perceived to have the most opportunities for continuing vocation after graduation, while Canada receives approximately 35,000 students. Australia and New Zealand sees close to 100,000 Chinese students in total each year opting for these two countries as their educational destination.
"UnionPay International is dedicated to creating an all-dimensional payment service system for overseas students which includes tuition payment, daily withdrawal and card swiping, establishment of student grant and other relevant services," said Cai Jianbo, CEO of UnionPay International. "Moving forward, we would like UnionPay payment services to cover various aspects of overseas student life such as clothing, food, accommodation and transportation with the aim to provide more care to help young Chinese become international talents."
"It is important to ensure that the needs for international students are addressed adequately," said Kerry Agiasotis, president, Western Union Business Solutions. "Western Union Business Solutions is delighted to announce the joint collaboration. As a trusted payment provider for students in more than 140 countries studying at more than 300 education institutions worldwide, this is a true collaboration with UnionPay and Geoswift. We are helping students to achieve their educational dreams."