ENGLEWOOD, Colo.--(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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