BEIJING--(BUSINESS WIRE)--Studying abroad just got easier for hundreds of thousands of Chinese students thanks to a new partnership between EasyTransfer, Tencent Financial Technology and payment platform Tenpay, subsidiaries of Tencent (00700.HK). The newly launched official WeChat mini program WeRemit Tuition Pay allows students to pay university tuition and other expenses using WeChat Pay’s secure, world-class payment infrastructure.
Over 700,000 Chinese students study overseas each year, according to China’s Ministry of Education, but navigating foreign banking systems can be daunting and complicated. WeRemit Tuition Pay’s easy-to-use system on WeChat lets students register their payment institution in as fast as three minutes from a list of 1,200 universities and schools across 80 countries, including the UK, Australia, Canada and the US. Student’s transfer fees are capped at US$28, and they don’t have to worry about language barriers or time zones. They simply select their institution, indicate their payment amount, personal information, and click complete. Payments arrive as fast as one hour.
The ease of EasyTransfer’s global payment network makes cross-border payments feel like domestic payments, offering students a real-time, transparent exchange rate with a 12-hour exchange rate lock-in to counter volatile fluctuations. Recipient universities enjoy zero processing fees with no markup on either side of the transaction.
EasyTransfer is in full compliance with China’s SAFE regulations for education payments and has the highest level National Information System Safety and Protection Certification for non-bank institutions from China’s Ministry of Public Security. EasyTransfer is also the exclusive educational payment channel on the UnionPay QuickPass App.
EasyTransfer is trusted by 200,000 students, with a US$2 billion annual transaction volume. Through this new partnership with Tencent Financial Technology, EasyTransfer expects to reach as many as 500,000 families by 2023 thanks to Tenpay’s 900 million users on WeChat Pay and Mobile QQ Wallet. Key investors in EasyTransfer include IDG Capital and Zhenfund.
“WeRemit Tuition Pay looks forward to helping even more overseas students and their families pay their school fees economically and risk-free through our cooperation with Tencent Financial Technology,” said EasyTransfer Co-founder and President Tony Gao.