SBI partners with Flywire, redefines payment landscape for Indian – International Students. This partnership integrates Flywire technology directly into the bank’s platform, offering Indian students an advanced digital checkout experience for their international educational payments. From application to tuition fees, students can complete transactions effortlessly in Indian rupees within three simple steps on SBI’s net banking platform. Additionally, institutions will benefit from the automatic capture of relevant student information, ensuring accurate and identifiable payments.
This partnership is a step towards a digital transformation that ensures enhanced transparency and compliance with the Reserve Bank of India’s Liberalised Remittance Scheme (LRS) guidelines, simplifying overseas transactions for Indian residents.
The partnership comes at a pivotal moment for the global economy. Indian students are a key driver of international education, and this number is poised to double, given Indian outbound student population will reach 1.8 million students by 2024, contributing to a substantial spending forecast between US$75 to US$85 billion.
Recognizing the market gap, SBI aims to take the lead in providing a modern, efficient solution to the traditional paper-based payment process.
SBI said ” We are pleased to partner with Flywire and offer this unique solution to Indian students and customers of SBI. By partnering with Flywire, we’re expanding the footprint of our payment solutions to benefit the next generation of students.”
Mohit Kansal, SVP of Global Payments, Flywire, highlighted, “This powerful integration takes what was typically a cumbersome, multi-day process and gets it done in a few steps. India is going through an exciting digital revolution, and we are excited to be at the forefront of this change.”
The partnership marks a significant stride towards a digital era in international education payments, promising Indian students a hassle-free and transparent payment experience on a global scale.