- Flywire has partnered with Tencent’s fintech arm, Tencent Financial Technology.
- The partnership will help Chinese students pay for education abroad via Tencent-owned Weixin Pay (WeChat Pay).
- Students will be able to pay in their own currency, while the education facility will receive funds in their local currency.
This week, the two announced they plan to allow Chinese students and families making education payments abroad to pay using Tencent-owned Weixin Pay (WeChat Pay). Flywire anticipates the move will further streamline education-related payments.
“This partnership ensures that for Chinese students studying internationally at institutions that use Flywire, we essentially become their ‘pay’ button, by offering localized and seamless payment capabilities, which benefit students, families and institutions alike,” said Flywire Senior Vice President of Global Payments and Payer Services Mohit Kansal. “Flywire has long offered Weixin Pay as a payment method, but the direct connection with Tencent makes the payment experience more convenient and streamlined.”
The Weixin Pay app– which allows users to chat, browse, and make payments– is one of the most popular digital wallet apps in China. By offering its cross-border education payments within Weixin Pay, Flywire is meeting consumers where they already are. The company also removes the typical friction and complications that arise from the cross-border payments experience.
Using Weixin Pay, students can pay in their own currency, while their school will receive the funds in their local currency. Students will also have access to customer support in their own language.
“We are always looking for better ways to serve our users,” said Tencent General Manager of Tencent Financial Technology Asia Pacific Wenhui Yang said. “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.”