Geoswift, UnionPay International and Western Union Business Solutions to Offer Tuition Payment Promotion for Students in United States, Canada, Australia and New Zealand

HONG KONG–(BUSINESS WIRE)–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.

Contacts

Cognito
Prisita Menon/ Liz Asri
geoswift.asia@cognitomedia.com