KUALA LUMPUR, May 25 (Bernama) -- PayMyTuition 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, a global leader in payments and financial technology, will enable PayMyTuition to accept payments using locally preferred methods and then settle the payment with the recipient institution in another currency.
The leading provider of technology-driven global payment processing solutions for tuition payments, PayMyTuition integrates directly into educational institutions’ 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, according to a statement.
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, including Australian dollars, Canadian dollars, Singapore dollars and US dollars.
“We are proud to support PayMyTuition’s expansion in the market and their goal to simplify the payment of students’ tuition and fees,” said General Manager of Fiserv in Greater China, Sarah Wu.
“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.”
Fiserv pioneered domestic e-commerce acquiring to support multinational companies based worldwide who need to offer a familiar payment solution to Chinese consumers whilst receiving settlement in Yuan or another chosen currency.
-- BERNAMA
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