SBI Indian students contract with Flywire Corporation for International Education Payments
State Bank of India (SBI), the biggest lender in the nation, said on February 2 that it has teamed up with Flywire Corporation to make it easier for Indian students to pay for their overseas education.
According to a release from the lender, this cooperation allows Flywire technology to be seamlessly integrated into the bank's platform, providing Indian students with a state-of-the-art digital checkout experience for their foreign educational payments.
Students can easily execute transactions in Indian rupees in three easy steps on SBI's net banking interface, ranging from application to tuition fees.
Furthermore, according to a release from SBI, institutions will gain from the automatic collection of pertinent student data, guaranteeing precise and identifiable payments.
Lender added that the collaboration comes at a critical juncture for the world economy.
According to the announcement, the number of Indian students pursuing higher education abroad is expected to double, as the number of outbound Indian students is expected to reach 1.8 million by 2024.
This will contribute to a significant spending prediction of $75 billion to $85 billion.
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