A payment service that allows Chinese foreign students to pay their university fees in yuan is now being rolled out in Australia and across the Asian continent.
An estimated 694,000 Chinese students are currently enrolled at universities overseas, which the vast majority of these supported by family back home. The opportunity to deal with tuition fee payment from China, in a few minutes and in the local currency, is understandably proving very popular.
“China has quickly become the world’s largest source of overseas students, growing 20% year-over-year,” said Raymond Qu, CEO, Geoswift. “To support this demand and drive future growth, Geoswift is committed to providing Chinese students and their families with the fastest and easiest way to make international tuition payments with the Chinese yuan. Our entryway into Australia and throughout Asia is an important step towards ensuring Chinese students can attend any higher education institution in the world with simple, secure, and efficient payment method.”
Geoswift, which is already used by 600 universities across Europe and North America, works by combining the services of Western Union Business Solutions and UnionPay International, a subsidiary of China UnionPay.
“For Chinese students, paying international tuition bills has traditionally been a long, complicated process,” said Tung Nguyen, Asia Pacific Director of Products, Western Union Business Solutions. “We are proud to simplify this process by providing the world’s leading payment platform with over 400 world-class universities, colleges and specialty institutions that trust our international transfers.”
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