Payments and API banking solutions company Cashfree is teaming up with education payment services platform EasyTransfer to offer university students in India an easier, less expensive way to make fee payments for classes abroad, according to a press release on Monday (June 6).
The partnership between the two companies enables students to make educational payments directly through their existing bank accounts and gets rid of the need to set up a new account just to make payments.
Cashfree Payments has a payment gateway that enables internet banking and works with Unified Payments Interface (UPI), an instant real-time payment system developed by the National Payments Corporation of India. Cashfree Payments is also plugged into a network of banking partners, making it easier to facilitate remittances abroad, according to the release.
“Partnering with EasyTransfer enables us to 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,” said Reeju Datta, co-founder of Cashfree Payments.
Know-your-customer (KYC) documents for reporting under the Liberalized Remittance Scheme are digitally supported with Cashfree and EasyTransfer.
The fund settlement takes place through authorized dealer banks and is sent directly to universities outside of India. Payments supported include all education-related fees, including application and tuition fees to any international university.
“Traditionally, students are required to visit educational and banking institutions in person to submit their relevant documents and send money overseas. EasyTransfer and Cashfree Payments have streamlined India’s Liberalised Remittance Scheme (LRS) declaration process, allowing payments to be completed fully online. Our online know-your-customer (KYC) system for payers also helps to quickly and easily validate resident credentials, a crucial and often cumbersome requirement in India,” said Tony Gao, co-founder and president of EasyTransfer.