WU is expanding its partnership with ChinaPay, the #1 Chinese payments provider, into local Renminbi payments for students' overseas tuition fees:'Together, Western Union Business Solutions and ChinaPay intend to offer an integrated, co-branded platform that will allow universities to give incoming Chinese students and their parents the ability to make foreign tuition payments in their home country and currency. Combining ChinaPay’s online and mobile payment portals with Western Union Business Solutions’ integrated foreign exchange and payment platforms will enable fast and reliable fund reconciliation and will allow payers to have funds deducted from their UnionPay cards in real time.“More students go abroad from China than any other country in the world,” said Kerry Agiasotis, Chief Commercial Officer, Western Union Business Solutions. “Over 1 million Chinese students studied abroad in 2011 and China is clearly an important market for universities globally. I am delighted that our partnership with ChinaPay will allow us to create a platform that will make it easy for them to accept local RMB payments in a timely and efficient manner.” http://ir.westernunion.com/News/Press-Releases/Press-Release...This, of course, addresses only those Chinese who actually pay overseas fees from local RMB holdings. A separate -- and significant -- number would do so from their overseas stashes, or via *sponsorships* by various supplicants for Party favors.Hopefully the former group will grow much faster than the latter as China's growth translates into economic benefits for a burgeoning middle class.----------------------MDP Home Fool
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