Flywire and UnionPay Extend Partnership on Cross-Border Payments

Flywire and UnionPay Extend Partnership on Cross-Border Payments
08.05.2019 09:21 am

Flywire and UnionPay Extend Partnership on Cross-Border Payments

Payments

Flywire and UnionPay International today announced that they are re-launching a promotional program that provides Chinese students and patients with discounted foreign exchange rates on cross-border tuition and healthcare payments. The effort is a continuation of a highly successful partnership beginning in the Spring of 2018, and is timed to coordinate with the season when students hear back from Universities about their acceptance. 

The promotional discounts are available to all UnionPay cardholders originating from China and receiving education or healthcare services internationally at an institution that offers Flywire for international payments. Payers using a UnionPay card on Flywire’s platform will receive the same foreign exchange pricing as a bank transfer – the lowest cost local payment option available.

China is the number one source market for international students around the world, with over 662,000 Chinese citizens studying abroad in 2018, up almost 9% from 2017.1  Similarly, the healthcare industry estimates that more than 630,000 Chinese patients traveled abroad for medical care in 2018.

“We strive to offer our clients’ payers the most convenient and secure payment options in each international market they serve,” said Ryan Frere, vice president of global payments for Flywire. “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.”

“Working with Flywire helps us to provide our Chinese clients with more options to make education and healthcare payments. Flywire is one of our top partners in the US and supports us in our goals to add more value for our cardholders,” added, June Chen, General Manager at UnionPay International Americas.

China Ministry of Education

Related News

Russia’s MIR payment network expands into Tajikistan

The acceptance of MIR National Payment System (MIR) cards has been announced in Tajikistan, opening up access to Russians who live in, or travel to, the country. 

Amonat... Read more »

Worldline chosen by Subway® to provide omnichannel payment solutions

Worldline, the European market leader in payment and transaction services, has been selected to provide state-of-the art payment solutions to Subway® restaurants across Europe... Read more »

Real Time Payment Engine (RTPE) digitalises transactions for commercial bank Česká spořitelna

Services in real time are already part of the customers’ everyday life – financial institutions also follow this trend. Česká spořitelna, the biggest commercial bank in the... Read more »

Rapyd and Visa partner on fintech business offering

Rapyd, a global B2B Fintech as a Service provider, today announced a new agreement with Visa (NYSE:V) that will help Rapyd expand its worldwide business operations.

Read more »

Sage Intacct selects Yooz as its preferred AP Automation partner in the UK

 Yooz, the intelligent P2P automation software provider, today announced the expansion of its global strategic... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel