Geoswift Joins Forces with UnionPay International and Western Union Business Solutions to Offer Tuition Payment Promotion

Companies work together to provide international students insurance coverage

HONG KONG--(BUSINESS WIRE)-- Geoswift, Western Union Business Solutions, a subsidiary of The Western Union Company, and UnionPay International today announced a promotion where UnionPay will pay for medical insurance coverage for eligible students that process tuition payments through their payment network.

The National Bureau of Statistics of China reported that roughly 460,000 Chinese students studied abroad in 2014. Open Doors data from the Institute of International Education (IIE) estimates 60 percent of those students attended universities in the United States. As these numbers rise, so does the number of Chinese students without health care benefits while in the country.

“Students studying abroad and their families are important customers. UnionPay International is dedicated to creating an all-dimensional payment service system for overseas students. Featuring security and convenience, the system covers a series of services including tuition payment, daily withdrawal and card swiping, establishment of student grant and other relevant services,” said Cai Jianbo, CEO, UnionPay International. “Based on UnionPay’s global acceptance network and service system, UnionPay not only provides tuition payment solutions but also offers considerate services for students’ life overseas. Going forward, we also hope that UnionPay payment services will cover various aspects of overseas student life such as clothing, food, accommodation and transportation so as to provide more care to help young Chinese become international talents.”

China UnionPay (CUP) cardholders with a card number starting with the digits 62, who successfully complete the online tuition payment via paytuitionnow.com any time between now and September 30, 2015, are entitled to a free insurance package. The offer is limited to the first 3,000 eligible cardholders and is on a first-come, first-serve basis. After processing, fulfillment will be issued to qualified students by insurance provider Allianz within 60 days after promotion period.

“Our three companies originally came together with the goal of making the tuition payment process as easy as possible for Chinese students studying abroad,” said Raymond Qu, founder and CEO, Geoswift. “We are now taking our commitment to these students and their families a step further by ensuring they can receive quality health care when studying internationally.”

“Western Union Business Solutions was created with the idea of helping people and companies streamline and simplify their international monetary transactions,” said Kerry Agiasotis, president, Western Union Business Solutions. “As a trusted payment provider for students in more than 140 countries studying at more than 300 education institutions worldwide, Western Union Business Solutions’ collaboration with UnionPay and Geoswift reinforces its global commitment toward advancing education opportunities.”

Geoswift, a leading provider of cross-border payments between China and the rest of the world, aggregates the services of Western Union Business Solutions and UnionPay International to provide end-to-end payment services. Together, the three organizations 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 these institutions in their local currency.

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 300 institutions worldwide, UnionPay International has enabled card acceptance in over 140 countries with issuance in more than 30 countries. 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. For more information, please visit www.unionpayintl.com

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Source: Geoswift