State Bank of India, the largest lender in India, on, February 6, said it has partnered with Flywire Corporation to ease Indian student's international education payments. The partnership aims to offer Indian students an advanced digital checkout experience for their international educational payments, SBI said.
Flywire is an easy-to-use payment solution that provides international payers with a streamlined payment experience. The company is headquartered in Boston and has offices around the globe.
Under this partnership, the services will range from application to tuition fees.
Students can complete transactions effortlessly in Indian rupees within three simple steps on SBI’s net banking platform.
Additionally, institutions will benefit from the automatic capture of relevant student information, ensuring accurate and identifiable payments, SBI said in a release.
This partnership is a step towards a digital transformation that ensures enhanced transparency and compliance with the Reserve Bank of India's Liberalised Remittance Scheme (LRS) guidelines.
The partnership comes at a pivotal moment for the global economy.
Indian students are a key driver of international education, and this number is poised to double, given Indian outbound student population will reach 1.8 million students by 2024, contributing to a substantial spending forecast between US$75 to US$85 billion.
Recognising the market gap, SBI said it aims to take the lead in providing a modern, efficient solution to the traditional paper-based payment process.
SBI said " By partnering with Flywire, we're expanding the footprint of our payment solutions to benefit the next generation of students."
Mohit Kansal, SVP of Global Payments, Flywire, highlighted, "This powerful integration takes what was typically a cumbersome, multi-day process and gets it done in a few steps. India is going through an exciting digital revolution, and we are excited to be at the forefront of this change."
(Edited by : Anshul)
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