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Western Union Arm to Give Chinese Students Payment Solution

Western Union Business Solution, a subsidiary of  Western Union Company WU, has entered into an agreement with Geoswift and Union Pay International to offer a joint tuition payment solution for Chinese students studying abroad. This promotion, which will be available till Mar 31, 2018, aims to intensify the user-experience by making the payment process uncomplicated, for the Chinese international students.

The students would be able to view their payment history with a fully automated reimbursement process. Also, they would be able to keep track of all the payments that have already been made by them. The principal objective of this alliance is to provide user-friendly payment platforms to Chinese students and their families in order to make payments across international boundaries easier.

Further, this promotion will allow cardholders (with Union Pay card number starting with 62) to make payments via Geoswift’s PayTutionNow portal. Further, this facility would be available in 600 educational institutions across the United States, United Kingdom, Canada, New Zealand, France, Australia, Switzerland, Singapore, Japan, Czech Republic and Ireland. The students would also be entitled to an Amazon Gift card redeemable on Amazon.com after every payment. This complimentary gift voucher is worth RMB 100 for every transaction of RMB 10,000 or above.

According to Raymond Swift, CEO and founder, of Geoswift, China accounts for 25% of the students of the world who travel abroad. The United States followed by the United Kingdom and Canada are some of the popular destinations of overseas education for the Chinese students.

Union Pay International attaches great importance to Chinese students who study abroad and their families. The company aims to expand its customer network in renowned schools abroad which would increase its acceptance across various countries.

Western Union is aggressively expanding its reach in China. It is expected that in the next five years, China or rather Asia will be the top destination for global remittances. The region will become a powerhouse because of the economic boom and the development in science and technology. China, with which Western Union has had ties for over a decade, is one of the major “receive” locations in South East Asia. It has always been an important market for Western Union, considering the volume of the country’s overseas migrants.

Stocks that Warrant a Look

Investors interested in other stocks from the same space can consider Total System Services, Inc TSS, Alliance Data System Corporation ADS and MasterCard MA.

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Mastercard Incorporated (MA): Free Stock Analysis Report
 
Total System Services, Inc. (TSS): Free Stock Analysis Report
 
Alliance Data Systems Corporation (ADS): Free Stock Analysis Report
 
Western Union Company (The) (WU): Free Stock Analysis Report
 
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