China’s more than 700,000 students studying abroad each year can make overseas tuition payments within three minutes as part of a collaborative effort between EasyTransfer and Tencent Financial Technology, according to a Tuesday (Nov. 2) press release.
The newly introduced WeRemit Tuition Pay enables students to pay college tuition, as well as other expenses, using WeChat Pay’s secure payment infrastructure.
WeRemit Tuition Pay’s system allows students to make overseas payments to more than 1,200 universities and schools across 80 countries, including the U.K., Australia, Canada and the U.S. Transfer fees are capped at $28, and fund recipients are not charged processing fees.
The platform features a transparent exchange rate with a 12-hour rate lock-in to offset potentially erratic fluctuations, offering senders a real-time cross-border payment system.
EasyTransfer is used by 200,000 students with $2 billion in annual transaction volume. As part of the collaborative effort, EasyTransfer anticipates broadening its reach to 500,000 households by 2023.
“Through our cooperation with Tencent Financial Technology, we look forward to helping even more overseas students and their families pay their school fees economically and risk-free via WeRemit Tuition Pay,” said EasyTransfer Co-founder and President Tony Gao.
This summer, global payment services provider UnionPay International (UPI) launched an effort to support international students studying in Australia, according to PYMNTS. During the first two weeks alone, the company recorded a deluge of 269% in transaction volume.
UPI, one of the most widely accepted card brands in the world, collaborates with more than 2,400 institutions in 180 countries and regions.
In September, payment processing provider PayMyTuition launched a partnership with international cross-border payments platform dLocal to accept bank transfers from Mexico, Argentina, Peru and Nigeria, according to PYMNTS. The collaborative effort will help consolidate dLocal’s 600 payment method capabilities across more than 600 universities in the U.S. and Canada.