ENGLEWOOD, Colo.--(BUSINESS WIRE)--Western Union Business Solutions, a unit of The Western Union Company (NYSE:WU), today announced a new service that will make it easier for universities and higher education institutions around the world to accept tuition payments in Indian Rupee.
Over 200,000 Indian students study abroad each year, making India the second largest market for international students in the world after China.1 These students are typically invoiced in the currency of their university (e.g. US or Canadian Dollar), which often makes the payment process cumbersome and expensive. In many cases, intermediary fees impact the final amount received by the university so the students still owe money before commencing their studies.
Western Union’s new service will enable participating schools and universities to offer Indian students the option to pay tuition fees in their home currency. It will be offered by Weizmann Forex and Paul Merchants Limited, the two largest Western Union Agents in India. Both Weizmann Forex and Paul Merchants Limited will make this product available to students at multiple locations across the country.
Students will also be able to pay from their homes by calling a toll-free number and requesting a house visit. In that instance, a trained representative of Paul Merchants Limited or Weizmann Forex will come to the student to collect the relevant documentation and arrange INR settlement on behalf of the university.
Kerry Agiasotis, Chief Commercial Officer, Western Union Business Solutions said: “This new product will enable fast and reliable tuition payments from India to universities around the world – an aim many of our higher education clients share.”
“Nearly a quarter of a million Indian students study abroad. Our service will make it easier for universities to help these students as they prepare for an invaluable international education.”
“We envision a world in which educational opportunities transcend borders, and so we applaud Western Union’s commitment to facilitating international educational exchange,” said Institute of International Education president Allan E. Goodman. “In 2012, IIE presented Western Union with its Opening Minds Corporate Leadership Award, in recognition of Western Union’s exemplary leadership and outstanding commitment to education and corporate social responsibility around the globe.”
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 April 24, 2012, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of approximately 500,000 agent locations in 200 countries and territories. In 2011, The Western Union Company completed 226 million consumer-to-consumer transactions worldwide, moving $81 billion of principal between consumers, and 425 million business payments. For more information, visit www.westernunion.com.
About Paul Merchants Limited
Paul Merchants Limited (PML), an ISO 9001:2008 certified Company for its quality procedures & processes, is the flagship company of the “PAUL GROUP OF COMPANIES." The group is a vast diversified conglomerate with prominent interests in International Money Transfer, Foreign Exchange, Tours & Travels, Finance, Insurance Products & Satellite TV. Under the aegis of a specific RBI License, PML actively commenced its International Money Transfer operations in 1999 by partnering with Western Union. Today PML has grown to be one of Western Union’s largest Principal Agents in the Asia-Pacific region with a widespread network of over 600 own offices and 21,000 franchisees. PML is amongst the leading players in foreign exchange as a RBI Licensed Authorized Dealer II and is a fast emerging name in Tours & Travels having IATA accreditation as well as an affiliation with the Indian Ministry of Tourism.
About Weizmann Forex
Weizmann Forex Ltd. is a part of the Weizmann Group, an INR 35 billion company that has diverse interests in hydro and wind power, textile manufacturing, foreign exchange transactions, inward money transfer and other financial services. Established in 1997, Weizmann Forex was one of the first companies to be licensed by RBI to operate as a Category 2 Authorized Dealer. With a modest beginning of four branches, Weizmann Forex has grown to become a leading player in the retail foreign exchange market with a network of 350+ locations spread all over India. Weizmann Forex deals in Foreign Currency Cash, Foreign Currency Demand Draft (DD) and Telegraphic Transfer (TT), Prepaid Travel Cards, Travelers’ Checks, Travel Insurance, General Insurance, Tours and Travel, International and Domestic Air Tickets, Mobile and DTH recharge as well as offering Western Union’s wide portfolio of payment services. As an Agent Partner, Weizmann Forex has over 47,000 locations, making it the largest Agent Network for Western Union in the world.