HONG KONG, July 22, 2020 /PRNewswire/ -- Geoswift, a leading cross-border payment technology company, in partnership with UnionPay International and Western Union Business Solutions, announced today that a reduced fee is now offered to Chinese students paying tuition through WU® GlobalPay for Students.
GlobalPay for Students is provided by Western Union Business Solutions which enables universities from around the globe to collect student tuition payments with fast, easy and affordable payment options. The service was designed specifically for international students as an effective, stress-free platform to pay for their education. Chinese students who use the service can pay their tuition fees in their local currency, RMB, with the assurance that funds will arrive on time and in full, without any hidden fees. This also does not impact the annual personal quota of the equivalent of $50,000 USD for foreign exchange settlement and purchase set by the State Administration of Foreign Exchange (SAFE) of China.
With more than 20 million online merchants outside mainland China accepting UnionPay Online Payment, UnionPay offers customers the convenience and security of managing their funds internationally. This summer, Chinese students who have access to UnionPay Online Payment can enjoy a bonus, a reduced rate, when they choose to pay fees using their UnionPay debit cards on WU® GlobalPay for Students.
Jessica Ao, Chief Partnership Officer of Geoswift, said: "Currently many families are facing hardships as a result of the global pandemic outbreak. We hope the reduced fee will be of some assistance. Geoswift has partnered with UnionPay International and Western Union Business Solutions to help alleviate stress from students, allowing them to concentrate on their studies and well-being. Along with a reduced fee, together, we strive to provide an optimal solution that helps Chinese students studying overseas pay their tuition quickly and easily."
"Chinese students who study abroad, as well as their families, are a customer group whom we attach great importance to," said June Chen, General Manager of UnionPay International Americas. "And based on the UnionPay global acceptance network and service system, the UnionPay payment service system for these students is continuously improving. On one hand, we are making education payments a feature service of UnionPay cross-border online payments, providing solutions to the biggest pain point of tuition fee payments. On the other hand, we are expanding our acceptance network on and around campus, further enriching students' payment options by promoting innovative products like QR code-based payment. We are committed to offering better payment services to Chinese students studying abroad."
Skyler Webster, Director, Product Management, from Western Union Business Solutions, said: "Students studying abroad, especially young people living alone for the first time, need a simple-to-use way to pay for items billed by their educational institution, such as tuition and accommodation fees. This solution enables education institutions to offer a best-in-class student payment experience to their students. We hope our service, which is the result of a long-term partnership with Geoswift and UnionPay International, will make life easier for educational institutions and their students."
For more information about the promotion and how to make a payment, please visit: https://www.geoswift.com/summer-promo-s . Please note the following conditions to receive the reduced rate:
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 2000 institutions worldwide, UnionPay International has enabled card acceptance in more than 200 countries and regions with issuance in more than 61 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.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. The Company's omnichannel platform enables consumers and businesses to send and receive money and make payments with speed, ease, and reliability around the world. As of March 31, 2020, our network included over 550,000 retail agent locations in more than 200 countries and territories, plus the capability to send money digitally to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2019, is available in over 75 countries, plus additional territories, to move money around the world. With its global reach, Western Union moves money for better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.
Geoswift is an innovative, globalized, payment technology company connecting each region, with a distinct niche in China cross-border payments. Comprised of the world's leading payment technology experts, Geoswift has a deep understanding of international relations, industry, technology, and policy requirements to provide customers with customized, one-stop cross-border payment solutions. As a leading fintech company relied upon by the world's largest e-commerce companies, most prestigious universities and the largest brands in the travel industry to grow their businesses, Geoswift's mission is to provide intelligent, frictionless, and fully compliant cross-border solutions to businesses of any size.
As an acquirer of UnionPay International, and a long-term partner of many other leading financial institutions, Geoswift runs several currency exchange stores throughout China and is steadily expanding region to region. Headquartered in Hong Kong, Geoswift has centralized offices in Vancouver, San Francisco, Shanghai, Beijing, Singapore and London for global strategic and regulatory functions. Geoswift Cards Services obtained the Stored Value Facilities License (SVF00015) from the Hong Kong Monetary Authority in May 2019. For more information, please visit: www.geoswift.com or send your queries to [email protected].