Chinese Consumers Value The Authority Of Money-At-Hand Says Western Union Study

Chinese consumers value the ability of having money-at-hand to quickly and confidently make decisions and secure their financial well-being across all aspects of life, according to a Nielsen study sponsored by Western Union, a leader in global payments.

The Western Union® international money transfer study in China conducted by Nielsen on the benefits of speed during inbound money transfers found consumers in China value receiving money quickly, even though anticipated expenditures may not be immediate.

Money-at-hand provides the freedom to solve urgent problems and to make decisions according to their timetable, and empowers them at a personal and community level. At a personal level, their ability to act and succeed makes them feel confident and proud, while within their community it allows their success, or the success of their family members and friends, to be recognized and acknowledged by others.

Core perceptions that Chinese consumers associated with having money speedily were identified during the Western Union study:

• Giving authority to act: Offers the authority to seize a valuable opportunity in time, reinforcing their ability to plan and secure their financial well-being

• Providing peace of mind: Delivers confidence to act in an urgent or emergency situation

• Offering a sense of pride: Conveys a sense of status within a group setting because of their ability to make purchasing decisions in a timely manner and to display or share their changed wealth status

• Strengthening bonds with family and friends: Reinforces the respect, love, trust and overall emotional attachment with from senders/gifters of money, which helps strengthen relationships among family, friends and partners

“At Western Union we are proud that our service offers the ability to transfer money around the world in minutes. We are even more honored that our speed of money transfers plays an important role for Chinese in fulfilling their desire to have money-at-hand to support decisions at the right time and to better shape and secure their future,” said Mr. Jianhua Gao, President and General Manager for Western Union China and Mongolia.

“This ability to be in control and to exercise authority is a strong feature that our research shows about Chinese consumers’ needs and desires. Western Union moves money for better. We thought it was interesting to look at how Chinese consumers valued speed and cash in their everyday lives,” said Mr. Gao.

Additional study insights on the value of cash found:

• Money-at-hand does not only mean cash on hand; credit / ATM cards have become an important money transaction tool, particularly for younger consumers

• Despite the new living style aided by electronic payment methods, money-at-hand still brought a sense of control and security and allowed them to be spend moderately

• Credit cards, while convenient, meant they were more inclined to be generous with their spending

• Both cash and credit cards had their drawbacks because they are susceptible to forgery and theft

Western Union has provided international money transfer services in China through its service provider network for 16 years, and by the end of 2011, Western Union transferred money from more than 190 countries into China.

With the reach of Western Union’s global network of more than 437,0002 Agent locations in more than 200 countries and territories and Western Union’s China’s network of more than 32,0002 Service Provider locations operated by 12 cooperating partners, Chinese working or living abroad can access Western Union® Agent locations to send money to their family and loved ones with speed, convenience and reliability.

1. Funds may be delayed or services unavailable based on certain transaction conditions, including amount sent, destination country, currency availability, regulatory and foreign exchange issues, required receiver action(s), identification requirements, Agent location hours, differences in time zones, or selection of delayed options. Additional Restrictions may apply. See Send form for details.

2. Network data as of 31 December 2011. In certain countries, the send money service is not available; customers can only receive money.