Western Union significantly grows its reach in China

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Major inroads into Chinese market

The Western Union Company has expanded into China’s banking channel, paving the way for international direct-to-bank remittances into China from 23 countries while also expanding its international Account-Based Money Transfer service.

Western Union customers can send direct-to-bank money transfers to China from 23 countries via select retail locations and www.westernunion.com online money transfer sites. As a result, this unprecedented agreement with China UnionPay’s ChinaPay enables Western Union to reach more than 95% of all personal bank accounts in China.

In addition, Western Union has launched Account-Based Money Transfers with Industrial and Commercial Bank of China (ICBC). The agreement enables more than 400 million ICBC customers to direct Western Union money transfers received from more than 200 countries and territories into their bank accounts via online banking 24 hours a day, seven days a week.

Western Union President and CEO Hikmet Ersek is in Dalian, China as a lead mentor at the World Economic Forum meeting. He officiated at an event with Guo Rongli, Chief Financial Officer of China UnionPay and Chairwoman of UnionPay Merchant Services today and will participate in an event with Jiang Jianqing, Chairman of ICBC, on Wednesday, Sept. 12.

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