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.
SOURCE UnionPay International