UnionPay International issues a report on the spending of Chinese students abroad

Stocks and Financial Services Press Releases Friday July 21, 2017 09:09
SHANGHAI--21 Jul--PRNewswire/InfoQuest
UnionPay provides more secure and convenient payment services for students studying abroad

According to the Report on the Spending of Chinese Students' Abroad (2017) issued by UnionPay International on July 20th, the Chinese students who study abroad spend over 380 billion RMB overseas each year and 80% of it are tuition fees and daily expenses. The overseas study market in China is growing stably now with students become younger and their choices of destinations more diverse.

As the Report points out, the transaction volume of UnionPay cards in overseas study-related fields continues to grow. Now, over 2,000 educational institutions outside mainland China accept UnionPay cards for tuition payment, and the UnionPay service system for students studying abroad keeps improving.

Solving the payment pain point of studying overseas

The US, the UK, Australia and Canada are still the most popular destinations for overseas study, and the Chinese students studying in these countries are increasingly younger. Japan, France, New Zealand, Singapore and Germany are also among the top ten destinations.

Students and parents are able to pay tuition fees with UnionPay cards in the following ways: First is through platforms of peerTransfer, WesternUnion, and 6 payment platforms of banks in Taiwan (covering about 90% of universities and colleges in Taiwan). Second is through the school official sites, including the over 700 institutions under TMS and TouchNet, etc. Students can pay for tuition at the POS terminals on campus with UnionPay cards too.

Enhancing the payment service system for overseas study

Currently, more than 20 million merchants and 1.4 million ATMs outside mainland China accept UnionPay cards. Based on this, UnionPay payment service system for overseas study has covered online/offline tuition payment, daily cash withdrawal and spending, travel spending and local card application etc. Various UnionPay card products are issued in over 40 countries and regions, including major destinations for overseas study.

UnionPay International has built on-and-off campus card-using ecosystem surround the prestigious schools. Students can pay with UnionPay cards only at campus merchants, withdraw cash from ATMs, but also easily pay with UnionPay cards at bookstores, restaurants, supermarkets, drug stores, cinemas, etc. For instance, in over 20 US colleges and universities with the largest number of Chinese students, UnionPay credit cards are accepted at campus bookstores.


Latest Press Release

Photo Release: KBank teams up with PTTOR to offer first KBank Service at Cafe Amazon, PTT Service Station (Ekamai-Ramintra)

Ms. Jiraporn Khaosawas (1st from left), Chief Executive Officer and Managing Director of PTT Oil and Retail Business PCL. (PTTOR), and Mr. Patchara Samalapa, KBank President, recently introduced "KBank Service" or deposit service at Cafe Amazon, PTT...

SHREIT announces distribution for unitholders of 0.2561 baht per unit All three existing hotels continue to generate excellent revenues in past three months Results from first 10 months of 2018 yield total distribution of 0.5997 baht per unit

Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust (SHREIT) on 19 November 2018 announced distribution payment for the past four months (1 August - 31 October 2018) to unitholders at the rate of 0.2561 baht per unit. And...

KTC joins forces with Bangkok Airways Airline in launching seven brand-new KTC Bangkok Airways credit cards beyond the power of boutique, all-in-one cards.

KTC jointly with Bangkok Airways, celebrate their 13th partnership anniversary and Bangkok Airways' 50th anniversary, transforming seven KTC – Bangkok Airways credit cards to cover all card alliance networks including MasterCard, VISA and JCB,...

SEC Dates CAZ Filing Plans to Sell 80 Million of IPO Shares To Increase Working Capital and Serve More Future Works

The Securities and Exchange Commission Thailand (SEC) dated the filing of CAZ (Thailand) Public Company Limited or "CAZ" for listing in the Market for Alternative Investment (MAI). The Company plans to sell 80 million of initial public offering (IPO)...

UnionPay Launches UnionPay Celebrating You Campaign Offering exclusive privileges that let customers save more this festive season

Photo Caption – Mr. Pingfu Zheng (third from left), Thailand Country Manager, Union Pay International and Mr. Thanakorn Puriwekin (second from left), Director and Chief Films Officer, Major Cineplex Group, attended the launch event for UnionPay...

Related Topics