The companies say that Indian students’ banks are too highly regulated for easy international payments, forcing them to open foreign accounts in the country they’re studying in. This can cause complications and unnecessary fees for students and payment recipients, they suggest.
“EasyTransfer and Cashfree payments have streamlined India’s Liberalized Remittance Scheme declaration process, allowing payments to be completed fully online,” Tony Gao, co-founder and president of EasyTransfer, said.
The LRS is an Indian banking regulation that allows citizens to send up to US$250,000 outside of India for any permissible account transactions in a financial year.
“We will continue our efforts to build such effective solutions for our partners”
Gao added that the platform also quickly validates payers’ resident credentials, which is a requirement for transactions in India.
EasyTransfer has already served over 280,000 students from China and the annual transaction volume is projected to reach $3.5 billion this year.
Users of the platform have access to 1-on-1 guidance in their native language from payment professionals based in each local time zone.
In India, EasyTransfer will offer similar direction with payment professionals who speak India’s most common languages and are intimately familiar with the country’s highly regulated payment environment.
Cashfree Payments network extends to over 60 major Indian commercial banks and its infrastructure was built with the guidance of India’s leading banks.
According to Reeju Datta, co-founder of Cashfree Payments, the partnership with EasyTransfer will enable Indian students to make faster, easier, and more efficient international educational payments.
“We will continue our efforts to build such effective solutions for our partners, which help to create superior customer experiences,” Datta said.
EasyTransfer’s payments platform is set to launch in India by early June. The recently opened headquarters in Singapore puts EasyTransfer in an “ideal” location to facilitate their platform not just in India, but also China and the majority of South and Southeast Asia, it added.