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Geoswift, UnionPay International and Western Union Business Solutions to Offer Tuition Payment Promotion for Students in US, CA, AU and NZ

HONG KONG – July 20, 2016 – /PRNewswire/ -- Geoswift, Western Union Business Solutions (a subsidiary of The Western Union Company) and UnionPay International have announced a joint tuition payment promotion for Chinese students studying in the United States, Canada, Australia and New Zealand.

The promotion, starting now till Sept 30 2016, is open to UnionPay cardholders who have successfully completed tuition payment via PayTuitionNow portal (with card number starting with 62). The promotion offers complimentary car pick-up service of up to USD $100 for any tuition payment of equal to or greater than USD $4,000 (RMB 25,000). For more information on the promotion, please refer to UnionPay's Haigou.

Geoswift, a leading provider of cross-border payments between China and the rest of the world, partners with Western Union Business Solutions and UnionPay International to provide end-to-end payment services. Together, the three organisations provide participating universities and higher education institutions around the world a payment platform that accepts international tuition and student fees in the Chinese yuan (CNY), enabling Chinese students and families to pay tuition in their local currency.

"China has been a key country of origin for international students to study abroad," said Raymond Qu, founder and CEO, Geoswift. "By providing a simple, secure and efficient payment service, we aim to help support and encourage Chinese students and their families when they are studying abroad."

Recent data has shown that the number of students studying abroad has increased from 2.1 million in 2000 to almost 5 million in 2014. According to the Organization for Economic Co-operation and Development (OECD), international student mobility is likely to reach 8 million students per year by 2025. Currently, almost one in six international students is Chinese.

The United States receives about a quarter of a million Chinese students as the country is perceived to have the most opportunities for continuing vocation after graduation, while Canada receives approximately 35,000 students. Australia and New Zealand sees close to 100,000 Chinese students in total each year opting for these two countries as their educational destination. 

"UnionPay International is dedicated to creating an all-dimensional payment service system for overseas students which includes tuition payment, daily withdrawal and card swiping, establishment of student grant and other relevant services," said Cai Jianbo, CEO of UnionPay International. "Moving forward, we would like UnionPay payment services to cover various aspects of overseas student life such as clothing, food, accommodation and transportation with the aim to provide more care to help young Chinese become international talents."

"It is important to ensure that the needs for international students are addressed adequately," said Kerry Agiasotis, president, Western Union Business Solutions. "Western Union Business Solutions is delighted to announce the joint collaboration. As a trusted payment provider for students in more than 140 countries studying at more than 300 education institutions worldwide, this is a true collaboration with UnionPay and Geoswift. We are helping students to achieve their educational dreams."

About Geoswift

Geoswift is an innovative payment technology company connecting China and the rest of the world. The company is comprised by the world's leading payment technology experts and by combining this deep understanding of the industry, technology, and global and China monetary policy, Geoswift provides clients with customized one-stop cross-border payment solutions to and from China. Geoswift is relied upon by the world's leading e-commerce companies, most prestigious universities and the largest brands in the travel industry to grow their businesses.

It is the #5 non-bank acquirer of UnionPay International in North America, a co-issuer of MasterCard, and a long term partner of many other leading financial institutions. It also maintains 24 currency exchange outlets throughout China. Geoswift is headquartered in Hong Kong with operating offices in Shanghai, London, Vancouver, Seattle and San Francisco for strategic and regulatory functions.

About Western Union Business Solutions

Western Union Business Solutions enables companies of all sizes to send and receive international payments and manage global cash flow, creating unique solutions tailored to suit their individual needs. It is a business unit of The Western Union Company (NYSE: WU), a leading nonbank provider of cross border payments, which offers Business Solutions services in over 30 countries.  Clients are supported by a network of trading offices, strategic banking relationships and a global clearing network and can send cross-border foreign exchange payments in more than 130 currencies.

About UnionPay International

UnionPay International (UPI) is a subsidiary of China UnionPay focused on the growth and support of UnionPay's global business. In partnership with more than 1000 institutions worldwide, UnionPay International has enabled card acceptance in 160 countries and regions with issuance in more than 40 countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world's largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.