UnionPay cardholders from China will be able to access the same foreign exchange pricing as a bank transfer when paying for education or healthcare services internationally at an institution offering Flywire for international payments.
“For Chinese students UnionPay is the most preferred and trusted brand”
“We strive to offer our clients’ payers the most convenient and secure payment options in each international market they serve,” Ryan Frere, vice president of global payments for Flywire said in a statement.
“For Chinese students and patients making cross-border payments, UnionPay is the most preferred and trusted brand. We’re pleased to expand this program and bring valuable savings to more payers and institutions.”
Started with a partnership sealed in Spring 2018, the program is being re-launched this year at a time when students receive university acceptance results.
“Working with Flywire helps us to provide our Chinese clients with more options to make education and healthcare payments,” general manager at UnionPay International Americas June Chen said in a statement.
“Flywire is one of our top partners in the US and supports us in our goals to add more value for our cardholders.”
China is the top source country for international students for most of the main destination countries around the world, with an estimated 662,000 Chinese citizens studying abroad in 2018, up almost 9% from 2017 according to the Chinese Ministry of Education.