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FinTechs and payments for international education
Journal of Payments Strategy & Systems,
15
(1),
118-126
(2021)
Abstract
This paper examines the landscape of global student mobility, giving special attention to the emergence of FinTechs in the international education payment space. Banks, which have at best been participants in the market for crossborder remittance of person-to-person and personto- business/university payments, are now seeing new innovative FinTechs solving customer pain points, making transactions more efficient and simple. This paper maps the huge market demand for speed, safety and security in educationrelated payment instruments. With COVID-19 creating a new normal, the paper also describes how various FinTechs have launched creative solutions to solve payment issues for students and reconciliation-related challenges for universities and other beneficiaries by setting up smart digital interfaces. The issues faced by students and parents at a larger level are very similar to the frictions and challenges seen with peer-to-peer payments.
Keywords: FinTechs; cross-border remittance; education payments; tuition fee; peer-to-peer; digital payments
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Author's Biography
Venkataramani Prakash is Vice President and Head of Retail Business at EBIXCASH World Money. He has developed an award-winning application programming interface for cross-border education payments that allows universities and other education-related beneficiaries to collect tuition fees and other education-related funds from India in a simple, swift and safe manner. Prakash has also launched a pilot for ‘Mass-Pay’, a model that significantly reduces the cost of cross-border remittance out of India.
