New services in South Korea and China increase choice for up to
35% of international students at U.S. institutions
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.
WU-G
Source: Western Union