Cashfree Payments, a leading payments and API banking solutions provider, has partnered with EasyTransfer, a Singapore-based cross-border education payment services platform, to provide Indian students with a faster, easier, and less expensive platform for paying fees to universities and educational institutions abroad. Indian students will be able to make educational payments directly through their existing bank accounts because of this partnership, removing the requirement to open a new account expressly for such payments.
Cashfree Payments’ Payment Gateway service will enable payments via internet banking and UPI, as well as remittances abroad through its network of banking partners. Cashfree Payments also ensures that the payer’s essential KYC and supporting papers are collected in a simplified digital flow for reporting under the Liberalised Remittance Scheme. The funds will be distributed directly to colleges outside of the Indian Territory through Authorized Dealer Banks, assuring a secure and smooth transaction. This service permits all types of education-related payments to international universities, including application and tuition fees.
By early June, the EasyTransfer payments mechanism for Indian students will be available. It would be completely tailored to the needs of international students from India and their families. EasyTransfer has created a staff of payment experts who are fluent in many languages (including English, Hindi, and Urdu) and are familiar with India’s highly regulated payments environment, including the numerous documentation required for sending money 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.”
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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.”
