By extending Weixin Pay, which is also known as WeChat Pay, the two companies will facilitate tuition and other education-related payments from China to educational institutions overseas.
Weixin Pay is one of the most popular digital wallets in China and draws on the broader popularity of WeChat, which is virtually universal in the country. Students can pay for their education in yuan with all the simplicity of WeChat, combined with Flywire’s around-the-clock support in their local language. In turn, universities and colleges receive the exact amount of money they’re expecting, reconciled to the penny or cent.
According to research, Chinese students represent the second-largest demographic of students studying overseas; only India has more students attending universities in other countries. Indeed, the Institute of International Education (IIE)’s Open Doors report showed that Chinese students were the largest group of international students in the US, contributing more than US$10bn to the economy.
The desire among Chinese nationals to study abroad is also robustly strong, Flywire points out: two-thirds of Chinese students surveyed say they are motivated to study overseas, driven by the academic reputation of foreign institutions and desire for new cultural experiences.
Flywire-Tencent partnership ‘streamlines payments’
Mohit Kansal, Senior Vice President of Global Payments and Payer Services at Flywire, says: “This partnership ensures that, for Chinese students studying internationally at institutions that use Flywire, we essentially become their ‘pay’ button by offering localised and seamless payment capabilities, which benefit students, families and institutions alike.
“Flywire has long offered Weixin Pay as a payment method, but the direct connection with Tencent makes the payment experience more convenient and streamlined."
Wenhui Yang, General Manager at Tencent Financial Technology Asia Pacific, adds: "We are always looking for better ways to serve our users. Flywire’s existing footprint in China, impressive client roster and proven technology made this a natural partnership for us.
“As more Chinese students are eager to study abroad again, we’re confident that Flywire will enable our users to improve their international payment experience, and make paying for education as easy as sending a chat.”
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