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November 1, 2021

EasyTransfer, Tencent to provide online tuition payments for overseas Chinese students

By Shalini mani

EasyTransfer has teamed up with Tecent subsidiaries Tencent Financial Technology, and payment platform Tenpay to provide online tuition payments for Chinese students studying overseas.

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With the newly launched WeChat mini programme, called WeRemit Tuition Pay, students can pay their university tuition fees and other expenses through WeChat Pay’s payment infrastructure.

Data from China’s Ministry of Education shows that more than 700,000 students from China pursue their studies overseas every year.

Navigating through overseas banking systems may seem complicated for students.

WeRemit Tuition Pay’s system on WeChat is claimed to be easy to use as it allows students to register their payment institution in three minutes from a list of 1,200 universities and schools across 80 countries, including the US, the UK, Australia and Canada.

Students can transfer fees of up to $28, and do not have to be worried about language barriers or time zones.

They are required to choose their institution, indicate their payment amount, personal information, and then click complete.

Payments are claimed to be made in one hour.

Students can get to see the exchange rate in real time with a 12-hour exchange rate lock-in to counter currency fluctuations.

Furthermore, recipient universities do not have to pay processing fees.

EasyTransfer is claimed to comply with China’s SAFE regulations for education payments and comes with National Information System Safety and Protection Certification for non-bank institutions from China’s Ministry of Public Security.

It also serves as the only educational payment channel on the UnionPay QuickPass App.

Used by 200,000 students, clocking in a $2bn annual transaction volume, EasyTransfer expects the partnership with Tencent Financial Technology to help it reach as many as 500,000 families by 2023 because of Tenpay’s 900 million users on WeChat Pay and Mobile QQ Wallet.

Among the key investors in EasyTransfer include IDG Capital and Zhenfund.

EasyTransfer co-founder and president Tony Gao said: “WeRemit Tuition Pay looks forward to helping even more overseas students and their families pay their school fees economically and risk-free through our cooperation with Tencent Financial Technology.”

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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