BEIJING – (BUSINESS WIRE) – October 29, 2021–
Studying abroad has become easier for hundreds of thousands of Chinese students thanks to a new partnership between EasyTransfer, Tencent Financial Technology and the payment platform Tenpay, subsidiaries of Tencent (00700.HK). The recently launched official WeChat mini-program, WeRemit Tuition Pay, allows students to pay for tuition and other expenses using WeChat Pay’s secure and world-class payment infrastructure.
More than 700,000 Chinese students study abroad each year, according to China’s Ministry of Education, but navigating foreign banking systems can be intimidating and complicated. WeRemit Tuition Pay’s easy-to-use WeChat system allows students to register their payment institution in just three minutes from a list of 1,200 universities and schools in 80 countries including UK, Australia , Canada and the United States. Student transfer fees are capped at $ 28, and they don’t have to worry about language barriers or time zones. All he has to do is select his institution, indicate the amount of his payment, his personal information and click on Finish. Payments arrive as fast as an hour.
EasyTransfer’s global payment network ease makes cross-border payments look like domestic payments, providing students with a transparent, real-time exchange rate with a 12-hour exchange rate lock-in to counter volatile fluctuations. The beneficiary universities benefit from zero processing fees, with no mark-up on either side of the transaction.
EasyTransfer is in full compliance with China’s SAFE Regulations for Education Payments and has the highest level of national information system security and protection certification for non-bank institutions from the Chinese Ministry of Public Security . EasyTransfer is also the exclusive educational payment channel on the UnionPay QuickPass app.
EasyTransfer enjoys the trust of 200,000 students, with an annual transaction volume of US $ 2 billion. Thanks to this new partnership with Tencent Financial Technology, EasyTransfer plans to reach up to 500,000 families by 2023 thanks to Tenpay’s 900 million users on WeChat Pay and Mobile QQ Wallet. The main investors in EasyTransfer are IDG Capital and Zhenfund.
“WeRemit Tuition Pay is looking forward to helping even more international students and their families pay their tuition cost-effectively and safely through our cooperation with Tencent Financial Technology,” said Tony Gao, Co-Founder and President from EasyTransfer. .
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CONTACT: Guohao Sun
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PUB: 10/29/2021 6:28 a.m. / DISC: 10/29/2021 6:28 a.m.
Copyright Business Wire 2021.