Flywire and Tencent Financial Technology have partnered to extend WeChat Pay, as a payment option for Chinese students and families making education payments abroad.
Flywire said in a statement that the partnership with Tencent’s fintech arm is aiming to tackle a traditionally lengthy and complex process when making tuition payments internationally due to restrictions and regulations.
WeChat Pay, also known as Weixin Pay is a popular digital wallet in China that allows consumers to chat, browse, and make payments, all in one place.
Through Flywire, Chinese students will be able to pay their education institution using WeChat Pay in their own currency, Renminbi. In turn, higher education institutions will receive the exact amount owed, reconciled to the penny in their own currency.
“This partnership ensures that for Chinese students studying internationally at institutions that use Flywire, we essentially become their “pay” button, by offering localised and seamless payment capabilities, which benefit students, families and institutions alike,” said Mohit Kansal, Senior Vice President of Global Payments and Payer Services at Flywire.
He added: “Flywire has long offered Weixin Pay as a payment method, but the direct connection with Tencent makes the payment experience more convenient and streamlined.”
Uptick of outbound Chinese students
Chinese students, next to those from India, represent the largest percentage of the international student population in the world. According to the latest research from the Institute of International Education (IIE) Open Doors report, China remained the top sending country of students to the United States, contributing more than $10 billion to the U.S. economy.
Flywire research also suggests that the demand to study abroad remains strong: 66% of Chinese students surveyed said they are motivated to study outside of their home country due to the academic reputation of schools abroad and for new cultural experiences.
On the back of China’s recent border reopening international student mobility is expected to increase from the region. The China Outbound Research Tourism Institute has said that Chinese outbound mobility is expected to recover to around two-thirds of its 2019 highs, with around 110 million border crossings expected from China. A 2023 report from New Oriental Vision Overseas Consulting Company suggests that in addition to studying in the U.S., Chinese students continue to broaden out to many other academic destinations, such as the United Kingdom, Canada, as well as a number of countries in the Asia-Pacific region.
Wenhui Yang, General Manager, Tencent Financial Technology Asia Pacific, said, “We are always looking for better ways to serve our users. Flywire’s existing footprint in China, impressive client roster and proven technology made this a natural partnership for us. As more Chinese students are eager to study abroad again, we’re confident that Flywire will enable our users to improve their international payment experience, and make paying for education as easy as sending a chat.”
