Cashfree Payments, a leading payments and API banking solutions company, has partnered with Singapore-headquartered cross-border education payment services platform EasyTransfer to offer a faster, easier, and cheaper platform for Indian students to make fee payments to universities and educational institutions abroad. With this partnership, Indian students will now be able to make educational payments directly through their existing bank accounts, eliminating the need to set up a new account specifically for making such payments.
Cashfree Payments’ Payment Gateway offering will enable payments using payment modes like internet banking and UPI, and leverage its network of banking partners for remittance abroad. Cashfree Payments also ensures collection of relevant KYC of the payer and supporting documents for reporting under the Liberalised Remittance Scheme, in a streamlined digital flow. The fund settlement will occur through Authorized Dealer Banks, and directly go out to universities outside of the Indian Territory, ensuring a secure and smooth transaction. This solution enables all sorts of education-related payments, including application and tuition fees, to international universities.
The EasyTransfer payments platform for Indian students will be launched by early June. It will be fully customized for Indian international students and their families. EasyTransfer has built a team of payment professionals who speak in multiple languages – such as English, Hindi, and Urdu – and are well versed in India’s highly regulated payments environment, including the extensive documents required for sending funds abroad.
Reeju Datta, Co-founder, Cashfree Payments said, “Partnering with EasyTransfer enables us to easily extend our payment solutions directly to Indian students, facilitating easier, faster, more convenient, and more efficient international education payments. We will continue our efforts to build such effective solutions for our partners, which help to create superior customer experiences.”
Tony Gao, Co-founder and President of EasyTransfer shared, “Traditionally, students are required to visit educational and banking institutions in person to submit their relevant documents and send money overseas. EasyTransfer and Cashfree Payments have streamlined India’s Liberalised Remittance Scheme (LRS) declaration process, allowing payments to be completed fully online. Our online know-your-customer (KYC) system for payers also helps to quickly and easily validate resident credentials, a crucial and often cumbersome requirement in India.”
EasyTransfer is trusted by more than 280,000 students and families and has an annual transaction volume set to reach US$3.5 billion in 2022. The company offers a streamlined, user-friendly online interface to students and their families in their native language, enabling users to complete all their education payments, compliance paperwork, and progress tracking with ease.
With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its product Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE.