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.