According to China’s Ministry of Education, there are more than 600,000 Chinese students studying abroad in 2017, reaching 608,400, while UnionPay is the most frequent-used payment option of Chinese students in making cross-boarder payments.
“UnionPay is offering more services related to overseas study”
Several online education payment solutions including Easy Transfer, iEduPay and Imperial Bank of Canada (CIBC) started accepting UnionPay cards recently.
Cai Jianbo, CEO of UnionPay International, said that with the continuous growth of the company’s acceptance around the world, the service system for study overseas has acquired new features.
After the Chinese government launched the “Belt and Road” in 2013, regions along the route have become new study destinations for Chinese students. Payment services in Russia, Kazakhstan and other regions has been continuously worked on.
In addition to providing a wider scope of services for students who study in various countries and regions, the firm will continue to expand the acceptance of its mobile app and other payment products.
“More importantly, UnionPay is offering more value-adding services and privileges related to overseas study.” Cai added.
The company’s acceptance network extends to 169 countries and regions. So far, its cards are issued in 48 nations, including Hong Kong. Australia, US and Canada.
According to Retail Banking Research’s Global Payment Cards Data and Forecasts to 2022 study, the Chinese financial corporation accounts for 43% of the total share of payment cards worldwide, followed by Visa and Mastercard, with 21% and 16% respectively.
“UnionPay has been the largest scheme globally for card numbers since 2010 and, there are now more than 7 billion UnionPay branded cards in circulation.” spokesman from the RBP told The PIE News.