The arrangement with the financial arm of the Chinese technology conglomerate, Tencent Financial Technology, will allow Flywire to “further streamline” the payment experience for students looking to make international tuition and other education-related payments from China, the software company said.
“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,” said Mohit Kansal, senior vice president of Global Payments and Payer Services at Flywire.
“Flywire has long offered Weixin Pay as a payment method, but the direct connection with Tencent makes the payment experience more convenient and streamlined.”
The company’s existing footprint in China, along with its “impressive client roster and proven technology” made the partnership natural for Tencent, according to general manager of Tencent Financial Technology Asia Pacific, Wenhui Yang.
“We are always looking for better ways to serve our users,” Yang said.
“Flywire will enable our users to improve their international payment experience”
“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.”
The partners added that Chinese students have traditionally faced lengthy and complex processes when making tuition payments internationally.
Chinese students will now be able to pay education institutions through Weixin Pay, more commonly referred to as WeChat Pay, in their own currency, while institutions will receive payments in their local currency.