Higher One, which provides financial services and analytics to universities across the country, recently anncounced the addition of the Chinese yuan to its international payments service, which is powered by the company’s partnership with Western Union.
The addition of the yuan comes after other recent additions, including the Korean won earlier this year and the Indian rupee added last year. According to Open Doors, students who use the yuan, won and rupee represent more than 50 percent of all international students in the U.S.
“Our goal is to provide international students and their families with a straightforward and cost effective way to pay their tuition and other school fees in their own currency,” Jonathan Rees, the managing director of Western Union Business Solutions’ North America division, said. “China has the largest international student body in the world and it is crucial that the payment process works for them as well as their chosen place of study. The beauty of our offering is that it gives all parties confidence; education institutions know that they will receive the correct tuition amount in U.S. dollars while students know exactly how much they are paying in yuan, and that their payment will be immediately identified and reconciled against their fees and student IDs.”
Higher One first partnered with Western Union in 2010 to offer international payments to facilitate the process of paying for tuition for international students and their families. Payment functionality using the currencies is available through Higher One’s ePayment and eMarket modules.
“The international payment functionality we offer through our suite of payment services helps administrators and international students alike when it comes to easily making payments to their college or university,” Matt Dorf, the senior vice president and general manager of payment solutions at Higher One, said. “We wanted to provide a solution that encourages the rapidly growing population of international students to seamlessly navigate the payment process, and we’re pleased that with the addition of the yuan we are now able to offer it to tens of thousands of more students.”