Education technology is revolutionizing the way we learn and how we pay for learning experiences. Cashfree Payments, a leading payments and API banking solutions company, has joined forces with Jamboree, India’s leading institute for study abroad test preparation and admission counselling, to make fee payments easier for Indian students studying overseas.
The collaboration leverages Cashfree Payments’ cross-border payment solution to digitise the payment process, from KYC verification and payment collection to outward remittance. It eliminates the need for physical bank visits, offline KYC submission and verification, giving students a convenient, fast, cost-effective, and transparent payment experience.
Under this initiative, students can initiate transactions anytime, including weekends and holidays, providing greater flexibility. It enables students to make remittances under the Liberalised Remittance Scheme (LRS) established by the Reserve Bank of India (RBI), catering to a wide range of payment needs permitted by regulations, such as admission fees, education rental payments, student maintenance expenses, Guaranteed Investment Certificate (GIC) payments for students heading to Canada, and blocked account payments for those bound for Germany. Additionally, remittances are also substantially cheaper for Indian students due to the lower forex markup. Students can also track the remittance status, from KYC verification status and payment confirmation to remittance initiation and downloading a SWIFT copy.
Cashfree Payments’ cross-border solution allows Jamboree to extend the remittance service to students without any integration. This enables Jamboree to cater to students who cannot visit offline branches and makes the entire payment process simpler, faster, and cheaper. The platform also provides Jamboree with a transaction tracking dashboard to monitor its transactions.
Commenting on the partnership, Co-founder of Cashfree Payments, Reeju Datta, said: “We are excited to partner with Jamboree to simplify international fee payments for Indian students. Our cross-border payments solution aims to provide students with a seamless and convenient payment experience, eliminating the need for physical bank visits. This collaboration allows students to focus on their educational goals by removing unnecessary hurdles and saving valuable time. This partnership represents a significant milestone in simplifying the payment process for international students and highlights our commitment to delivering convenience, security, and flexibility.”
Vineet Gupta, Managing Director of Jamboree, added: “We are excited to join forces with Cashfree Payments to redefine how students pay their tuition fees to colleges abroad. This collaboration marks a major stride in our journey towards providing unparalleled services that cater to the evolving needs of our students who embark on international educational pursuits.”
Cashfree Payments is a leading payment processor with over 50% market share, and its Payouts product leads the way in bulk disbursals in India. The company’s core payments and banking infrastructure powers its products, and is integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Cashfree Payments solutions are also used in 8 other countries, including the USA, Canada, and UAE.
This partnership empowers educational institutions to offer education consultation and payment solutions under one roof, without having to invest in developing a tech stack. It also enables them to monitor their transactions through a convenient dashboard. With Cashfree Payments’ cross-border payment solution, educational institutions can make fee payments easier and faster for Indian students studying abroad.
