SINGAPORE, June 10 – EasyTransfer, a leading cross-border education payment services platform, is partnering with Cashfree Payments, one of India’s top payments and banking solutions companies, to offer a faster, easier, and cheaper platform for Indian students to make international payments to overseas educational institutions. The EasyTransfer payments platform for Indian students will launch by early June and will be fully customised for Indian students.
EasyTransfer has already achieved success in China – the platform is trusted by more than 280,000 China-based students and has an annual transaction volume set to reach US$3.5 billion in 2022. Payers receive 1-on-1 guidance in their native language from EasyTransfer’s payment professionals based in the local time zone. In recent years, India has seen a significant upsurge in students pursuing overseas education.
The UK, for example, has seen a 190% increase of first-year international students from India between 2018 and 2020, according to the Higher Education Statistics Agency (HESA). EasyTransfer offers payment professionals who speak India’s most commonly used languages and are well versed in India’s highly regulated payments environment.
Tony Gao, co-founder and president of EasyTransfer, shared, EasyTransfer and Cashfree Payments have streamlined India’s Liberalised Remittance Scheme (LRS) declaration process, allowing payments to be completed fully online. Our online system also helps to quickly validate payers’ resident credentials, a crucial requirement in India. Cashfree Payments boasts a network of over 60 major Indian commercial banking partners and a core payments and banking infrastructure built with leading Indian banks.
This network enables India-based users to enjoy a smoother online payment experience with faster payment processing times and fully compliant cross-border transfers. With EasyTransfer and Cashfree Payments’ partnership, Indian students will now be able to make educational payments directly through their existing bank accounts, eliminating the need to set up a new account specifically for making such payments.
Reeju Datta, co-founder of Cashfree Payments, said, Partnering with EasyTransfer enables us to more easily extend our payment solutions directly to Indian students, facilitating easier, faster, more convenient and more efficient international education payments. We will continue our efforts to build such effective solutions for our partners, which help to create superior customer experiences. EasyTransfer officially opened its global headquarters in Singapore earlier this year. This location is ideal to serve students in South and Southeast Asia regions in addition to students from mainland China.