back Back

Fiserv enables PayMyTuition to accept local payment methods in China

By Leandra Monteiro

May 25, 2021

  • China
  • Fiserv
Share

Fiserv, PayMyTuition, Chinese, technology, digital payment PayMyTuition, technology-driven global payment processing solution 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.

PayMyTuition integrates directly into the educational institution’s 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.

“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.”

Fiserv initiated 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.”

Previous Article

May 24, 2021

Community 1st Credit Union selects Scienaptic for AI-driven credit decisioning

Read More
Next Article

May 25, 2021

London-based mmob appoints Irfan Khan as the new CEO

Read More










IBSi Daily News Analysis

Wealth management, HNIs, HNWIs

June 02, 2023

China

How wealth management firms can grow revenues in a declining market

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Standard Life selects Moneyhub for open finance integration

Read More

Today

UnionPay International & Pecunpay launch debit card for Spanish tourists in China

Read More

Today

Fawry teams up with Infobip to boost electronic payment services

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q1 2023

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q1 2023

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q1 2023

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q1 2023

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022