UnionPay Offers Options for Chinese Students Studying Abroad
As China-based payments network UnionPay continues to grow its global acceptance network, Chinese students studying abroad can use UnionPay cards for tuition payments at more than 2,000 educational institutions outside mainland China, the network announced Aug. 29. Beyond tuition, UnionPay cards are widely accepted for in-store payments and cash access in major study destinations, including the U.S., U.K. and Australia. In the U.S.—Chinese students’ most popular study abroad destination, according to UnionPay—the network’s cards are accepted at campus bookstores of more than 20 major colleges and universities, along with 80 percent of the merchants and “almost all” ATMs in the U.S. In Australia, 80 percent of ATMs and 65 percent of merchants accept UnionPay. Meanwhile, the company’s presence is growing in the U.K., where “most” ATMs and 16 educational institutions accept UnionPay cards.
UnionPay’s QuickPass mobile payment service also is available to many students. Launched in China in 2015, QuickPass since has expanded to additional markets and now can be used at more than 300,000 POS locations in Hong Kong, Macau, Taiwan, Australia, Canada, Singapore and South Korea, the company said.
UnionPay has expanded its acceptance network significantly over the past several years, offering products designed for both Chinese cardholders traveling abroad and customers based outside China. In May, the company announced that U.S. travelers visiting China will be able to make payments via UnionPay Gift Cards available through U.S. banks and credit unions, issued by The Bancorp Bank. UnionPay launched its first U.S. product—another prepaid travel card—in 2013.