PayMyTuition and Fiserv will enable students to pay overseas tuition fees using preferred payment methods such as Alipay and WeChat Pay
Education institutions and enterprises outside China will benefit from payment settlement in their local currency
PayMyTuition, a leading provider of technology-driven global payment processing solutions for tuition payments, is supporting a strategic expansion in China with the selection of Fiserv to facilitate tuition payments for Chinese students attending colleges and universities overseas. Fiserv will enable PayMyTuition to accept payments using locally preferred methods and then settle the payment with the recipient institution in another currency.
“Whether providing services or online shopping to Chinese consumers, it is always preferred to offer familiar payment methods, streamlining the payments experience and reducing shopping cart abandonment.”
PayMyTuition integrates directly into educational institutions’ student information and accounts payable (AP) systems. As a result, students pay for their tuition without additional fees, while colleges and universities save time, human resources, and money.
Local digital payment methods such as Alipay, WeChat Pay and China UnionPay ExpressPay are preferred payment methods for students and consumers based in China. The solution provided by Fiserv enables these familiar payment methods for consumers and students, with settlement in another currency to the service provider based outside of China. These include Australian dollars, Canadian dollars, Singapore dollars, U.S. dollars and more.
Chinese students will no longer be limited by unfamiliar or less convenient payment options when it comes to paying for their tuition for colleges or universities overseas.
“We are excited to partner with Fiserv to expand upon our current offering of providing local payment methods and a seamless payment experience to Chinese students paying international tuition fees. Colleges and universities overseas serving Chinese students will benefit from payment settlement in U.S. dollars or their preferred currency, improving operating efficiency and saving in fees,” said Arif Hariji, Director, Chief Market Strategy at MTFX Group. “We plan to roll out the solution with Fiserv to our education partners around the world, starting from Australia and Singapore, to support tuition fee payment from students from China.”
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Fiserv pioneered domestic e-commerce acquiring to support multinational companies based around the world who need to offer a familiar payment solution to Chinese consumers whilst receiving settlement in Yuan or another chosen currency.
“We are proud to support PayMyTuition’s expansion in the market and their goal to simplify the payment of students’ tuition and fees,” said Sarah Wu, General Manager of Fiserv in Greater China. “Whether providing services or online shopping to Chinese consumers, it is always preferred to offer familiar payment methods, streamlining the payments experience and reducing shopping cart abandonment.”
In a world moving faster than ever before, Fiserv helps clients deliver digital payment solutions in step with the way people live and work today – financial services at the speed of life.
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