SBI collaborates with Flywire to simplify international education payments

SBI with Flywire: The State Bank of India (SBI), announced on February 6 a partnership with Flywire Corporation to simplify international education payments for Indian students. This collaboration aims to provide a seamless digital checkout experience for students making overseas tuition payments, enhancing convenience and efficiency.

Flywire, headquartered in Boston with a global presence, offers an intuitive payment solution designed to streamline the international payment process. Through this partnership, students will be able to complete transactions effortlessly in Rupees via SBI's net banking platform, reducing complexity to just three simple steps.

The services offered under this partnership will cover a range of payments, from application fees to tuition fees, catering to the diverse needs of Indian students pursuing education abroad. Moreover, institutions will benefit from the automatic capture of student information, ensuring the accuracy and traceability of payments, as underlined by SBI in a press release.

This collaboration represents a significant step towards digital transformation, aligning with the Reserve Bank of India's Liberalised Remittance Scheme (LRS) guidelines to promote transparency and compliance in international transactions. With the global economy undergoing transformative shifts, the timing of this partnership is particularly opportune.

Indian students play a pivotal role in international education, with projections indicating a doubling of the outbound student population to 1.8 million by 2024. This surge is expected to drive substantial spending, estimated between $75 to $85 billion, underscoring the importance of facilitating smoother payment processes for this demographic.

TO cater for the market demand for modern payment solutions, SBI aims to lead the way by offering an efficient alternative to traditional paper-based payment methods. Through its collaboration with Flywire, SBI seeks to expand its payment solutions portfolio to cater to the evolving needs of the next generation of students.

Commenting on the partnership, Mohit Kansal, SVP of Global Payments at Flywire, emphasized the transformative impact of the integration, simplifying what was once a cumbersome process into a few streamlined steps. He also highlighted India's ongoing digital revolution and Flywire's commitment to driving change in this dynamic landscape.