Western Union Significantly Grows Its Reach In China

The Western Union Company (NYSE: WU) a leader in global payment services, today significantly expanded into China’s banking channel, paving the way for international direct-to-bank remittances into China from 23 countries while also expanding its international Account-Based Money Transfer service.

Western Union customers can send direct-to-bank money transfers to China from 23 countries via select retail locations and www.westernunion.com online money transfer sites 1. This unprecedented agreement with China UnionPay’s ChinaPay enables Western Union to reach more than 95 percent of all personal bank accounts in China.

In addition, Western Union has launched Account-Based Money Transfers with one of the world’s largest banks, Industrial and Commercial Bank of China (ICBC). The agreement enables more than 400 million ICBC customers to direct Western Union money transfers received from more than 200 countries and territories into their bank accounts via online banking 24 hours a day, seven days a week.

“Western Union’s unique global retail network and recent investments in technology continue to enable the company to expand and attract global and regional business across the industry, including banks, payments networks and mobile operators,” said Hikmet Ersek, President and CEO of Western Union.

“Western Union’s integration of its global retail network and digital channels, including westernunion.com, with leading financial services providers such as China UnionPay’s ChinaPay and Industrial and Commercial Bank of China is innovation at its best – delivering tailored Western Union financial services to meet consumer needs.”

Western Union President and CEO Hikmet Ersek is in Dalian, China as a lead mentor at the World Economic Forum meeting. He officiated at an event with Guo Rongli, Chief Financial Officer of China UnionPay and Chairwoman of UnionPay Merchant Services today and will participate in an event with Jiang Jianqing, Chairman of ICBC, on Wednesday, Sept. 12.

“Western Union, China UnionPay and Industrial and Commercial Bank of China share a common vision: moving money from different parts of the world, giving customers choice and convenience, and helping them grow and achieve their potential,” Ersek said.

In 2012, Western Union moved money from 197 countries into China, which demonstrates the significance of the company’s cooperating partnerships in China.

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 June 30, 2013, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of approximately 520,000 agent locations in 200 countries and territories and approximately 115,000 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.

About China UnionPay / ChinaPay

Established in March 2002, China UnionPay is a bankcard association, owns about 400 domestic and overseas associate members, based in Shanghai, China. It operates an inter-bank transaction settlement system between banking systems and the inter-bank, cross-region and cross-border usages of bankcards issued by associate banks. In order to meet the growing demand for card use of the Chinese in overseas business, travel and study, UnionPay is dedicated to the construction of an international acceptance network. As of today, UnionPay cards have been accepted in 141 countries and regions outside China. For more information, visit www.unionpay.com.

ChinaPay E-Payment Services belongs to China UnionPay. As the earliest established third-party payment company in China, ChinaPay is the first unified payment gateway internet company in China. As a leading payment and value added payment service provider, ChinaPay spearheaded comprehensive payment solutions to enterprises, institutions and cardholders, based on UnionPay’s professional bankcard service system. For more information, please visit www.chinapay.com

About Industrial Commercial Bank of China

Industrial and Commercial Bank of China Limited (Stock Code SH:601398;HK:1398), is the top large listed bank in the world in terms of market capitalization, customers’ deposits and profitability, possessing an excellent customer base, a diversified business structure, strong innovation capabilities and market competitiveness. The Bank provides comprehensive financial products and services to over 4 million corporate customers and 400 million personal customers by virtue of the distribution network consisting of over 17 thousands domestic institutions, 400 overseas institutions and over 1,600 correspondent banks worldwide, as well as through its E-banking network comprising a range of internet and telephone banking services and self-service banking centers, basically forming an internationalized trans-market operating structure focusing on commercial banking business and maintaining a leading position in the domestic market in commercial banking areas. For more information, visit www.icbc-ltd.com.

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1 Retail countries: UK, France, Canada, Malaysia, Singapore

westernunion.com sites: UK, France, Germany, Norway, Sweden, Italy, Netherlands, Ireland, Spain, Switzerland, Belgium, Denmark, Finland, Poland, Portugal, Greece, Estonia, Luxembourg, New Zealand

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Copyright Business Wire 2010

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