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Flywire Partners with Tencent Financial Technology to Streamline Global Tuition Payments from China
Through direct connection with one of China’s popular digital wallets, Flywire improves payment experience for students and families from China; further
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[{"type":"text","content":"Through direct connection with one of China’s popular digital wallets, Flywire improves payment experience for students and families from China; further expands footprint across China\nBOSTON and SHENZHEN, China, July 13, 2023 (GLOBE NEWSWIRE) -- Flywire (Nasdaq: FLYW), a global payments enablement and software company, today announced that it has partnered with Tencent Financial Technology, Tencent's fintech arm, to extend Weixin Pay (also known as WeChat Pay) as a payment option for Chinese students and families making education payments abroad. Through this direct partnership with Tencent, Flywire further streamlines the payment experience for students looking to make international tuition and other education-related payments from China. Responding to increased demand for seamless, digital payment experiences The partnership between Flywire and Tencent Financial Technology applies the same, seamless experience Chinese consumers are used to in their daily transactions to cross-border education payments. Weixin Pay is one of the popular digital wallets in China, with consumers deeply embedded into the Weixin ecosystem because it allows them to chat, browse, and make payments, all in one place. While Chinese students are eager to replicate the simplicity of these e-commerce transactions when making high-value payments, they’ve traditionally been faced with a lengthy and complex process when making tuition payments internationally due to restrictions and regulations imposed. The partnership between Tencent Financial Technology and Flywire aims to rectify this gap and meet consumer demand for a seamless payment experience.Through Flywire, Chinese students can pay their education institution using Weixin Pay in their own currency (Renminbi). Payers can be assured that they will receive the added benefit of Flywire’s around-the-clock support in their local language. In turn, higher education institutions 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 localized 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...