EasyTransfer and Tencent Financial Technology have partnered up to launch WeRemit Tuition Pay, which allows students to pay their university tuition fees and other expenditures via Weixin Pay’s secure payment portal. The partnership will enable thousands of Chinese students to study abroad.
Tencent Financial Technology collab with EasyTransfer
More than 700,000 Chinese students study abroad every year, according to a statistical report generated by China’s Ministry of Education. However, steering foreign banking systems can be an unnerving complex endeavour. Tencent Financial Technology and Easy Transfer’s WeRemit Tuition Pay will offer a hassle-free system on Weixin Pay, that allows students to transact overseas transactions online in a speedy period of 3 minutes. The transactions will be allowed to be made to more than 1,200 schools and universities across 80 countries (inclusive of the UK, Canada, Australia, and the USA).
The transfer fees for students are plugged at USD 28, and they do not have to fret about time zones and language limitations. They simply need to choose their institution, jot down their payment amount, personal information, and voila! Payments are facilitated as fast as 1 hour.
EasyTransfer’s global payment network allows cross-border payments in a hassle-free manner, just like domestic transactions. The students are offered the real-time and transparent foreign exchange rate, with a 12-hour foreign exchange rate lock-in to combat volatile instabilities. Recipient universities receive 0 processing feed along with no profit on both sides of the transaction.
EasyTransfer facilitates transactions in resonance with the education payments regulation and encompasses China’s Ministry of Public Security’s topmost level of National Information System Safety and Protection Certification for non-banking entities.
The commercial organization is trusted by approximately 200,000 students, with an annual transaction volume of a whopping USD 2 billion. Via this new-fangled collaboration with Tencent Financial Technology, EasyTransfer is estimated to reach as many as 500,000 families in the next 2 years. The firm’s chief investors include Zhenfund and IDG Capital.