Geoswift, Western Union and UnionPay International Partner to Make It More Affordable for Chinese Students Studying Abroad

HONG KONG,June 23,2021 --Despite the enormous adversity faced by this generation of Chinese students pursuing studies abroad,the majority of them are still holding on to their education goals and are looking forward to commencing studies. As part of the commitment to support these students through a quality payment service,Geoswift,Western Union Business Solutions and UnionPay International have joined forces to release a special offer to make it cheaper for Chinese students when they pay fees with UnionPay debit cards through WU® GlobalPay for Students.

Summer Promotion

The offer includes a reduction of FX rates on all transactions,and a Ctrip gift voucher with a value of 100 RMB for each student whose payment amount is more than or equal to 10,000 RMB. It is applicable to students studying at universities and education institutions in North America,UK,Europe,Australia,New Zealand and Asia that offer GlobalPay for Students. The promotion is valid for payments made using the UnionPay Debit card payment option. The promotion is available starting 15th June and runs through to 14th October 2021.

"As many universities expect an increase in in-person courses and activities on campuses this fall,numerous Chinese students are starting to make travel plans. In celebration of the much-anticipated return to normal university life,we are happy to provide travel gift vouchers which can be redeemed when they book trips through Ctrip,an online travel booking service," said Jessica Ao,Global President of Geoswift. "Meanwhile,we will continue to focus on creating ease for these young people through an easy-to-use,inexpensive and flexible payment service."

GlobalPay for Students allows education institutions to provide a quick and easy way for their international students to pay their fees. Students from China can pay in RMB using payment options they know from home such as UnionPay.

Skyler Webster,Director,Product Management,from Western Union Business Solutions,said: "Students studying abroad need a simple-to-use way to pay for items billed by their educational institution,such as tuition and accommodation fees. This promotion enables education institutions to offer a best-in-class student payment experience. We hope our service,which is the result of a long-term partnership with Geoswift and UnionPay,will make life easier for education institutions and their students."

"Chinese students who study abroad,as well as their families,are a customer group to whom we attach great importance," said June Chen,General Manager of UnionPay International Americas. "And based on the UnionPay global acceptance network and service system,the UnionPay payment service system for these students is continuously improving. On one hand,we are making education payments a feature service of UnionPay cross-border online payments,providing solutions to the biggest pain point of tuition fee payments. On the other hand,we are expanding our acceptance network on and around campus,further enriching students' payment options by promoting innovative products like QR code-based payment. We are committed to offering better payment services to Chinese students studying abroad."

To learn more about the promotion and the payment process,please visit the Summer Promotionpage.

About Western Union

The Western Union Company (NYSE: WU) is a global leader in cross-border,cross-currency money movement and payments. Western Union's platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. We connect businesses,education institutions,financial institutions,governments,and consumers through one of the world's widest reaching networks,accessing billions of bank accounts,millions of digital wallets and cards,and over half a million retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information,visitwww.westernunion.com.

About Geoswift

Geoswift is an innovative,globalized payment technology company,with a distinct niche in China cross-border payments. Since its inception in 2010,the name Geoswift has been recognized as synonymous with frictionless cross-border fund flows throughout the world. Geoswift is a leading authorized payment service provider in the US,UK and China,offering global acquiring and issuing capabilities for key financial institutions.Widely recognized for its proprietary technology,extensive knowledge of global and local regulatory requirements,strong banking networks,and global operations,Geoswift provides a customized one-stop cross-border payment solution to businesses of any size. In addition,Geoswift runs several currency exchange stores throughout China,and holds a Stored Value Facilities License (SVF00015) from the Hong Kong Monetary Authority. Headquartered in Hong Kong,Geoswift has regional offices in Vancouver,Beijing,Shanghai,San Francisco,London,Singapore and Shenzhen - offering payment solutions to clients globally. For more information,please visit:www.geoswift.comor send queries tomarketing@geoswift.com.

About UnionPay International

UnionPay International (UPI) is a subsidiary of China UnionPay focused on the growth and support of UnionPay's global business. In partnership with more than 2000 institutions worldwide,UnionPay International has enabled card acceptance in180 countries and regionswith issuance in70 countries and regions. UnionPay International provides high quality,cost effective and secure cross-border payment services to the world's largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.