HDFC Bank taps Flywire for digital educational payments experience
HDFC Bank, India’s largest private-sector bank, has partnered global paytech firm Flywire to enable Indian students to pay international education fees digitally.
HDFC Bank taps Flywire to digitalise educational payments
Flywire will directly integrate into HDFC’s banking platform, providing a fully digital checkout experience for Indian students to make transactions. The streamlined experience will enable students to pay in Indian rupees with the assurance of funds reaching the intended institution.
For educational institutions, Flywire says they will benefit from receiving payments in their local currency, “full transparency” in their transaction history, ease in their reconciliation processes and streamlined operational efficiencies.
Flywire also claims that the integration will streamline the compliance process for the Liberalised Remittance Scheme (LRS), which are guidelines set by the Reserve Bank of India (RBI) that enable Indian residents to remit up to $250,000 overseas, per financial year.
According to a Flywire report, 82% of Indian students surveyed believe that simplified payment processes would improve their education experience.
“One of the leading advantages of this partnership is the sheer convenience of it for payers, as it reduces time and documentation they’d normally have to provide,” says Mohit Kansal, VP of global payments at Flywire.
“The combination of Flywire’s payment technology and HDFC’s vast banking network creates an open-banking experience for Indian payers, enabling them to transform what could normally be a paper-based process, to one that’s now completely online.”
