Three global payments service leaders are teaming up to combine a tuition payment plan with health care for Chinese students studying abroad. Western Union Business Solutions, along with UnionPay International and Geoswift, is introducing a new collaborative effort to bring health care to overseas Chinese students.
According to the National Bureau of Statistics of China, about 460,000 Chinese students studied abroad last year, primarily in the U.S. “As these numbers rise,” the companies said in an announcement Wednesday (Aug. 12), “so does the number of Chinese students without health care benefits while in the country.”
The three-way partnership will involve UnionPay, a subsidiary of cross-border payment service provider China UnionPay, which will provide overseas students with a tuition payment service, allowing them to withdraw funds and pay for items using their UnionPay card.
UnionPay’s new venture means that certain cardholders will be eligible for a free health insurance package. According to reports, the first 3,000 UnionPay cardholders with a card number beginning with 62 who complete a tuition payment online before Sept. 30 will have access to the health care benefits.
Western Union Business Solutions and Geoswift will collaborate with UnionPay to fulfill these tuition payments through partnerships with universities that accept international students. The three payments companies make it easier for colleges to accept tuition payments by Chinese students in the Chinese yuan, reports said.
“Students studying abroad and their families are important customers,” said UnionPay International CEO Cai Jianbo. “…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.”
Jianbo added that the partnerships allow UnionPay not only to provide cross-border payment services, but also to offer tools for those students to succeed overseas like health care. “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,” the executive said.
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