Western Union Business Solutions has announced a new service that will allow foreign universities and higher education institutions to accept tuition payments from students here in Indian rupees.
Over 2 lakh Indian students study abroad each year, making India the second largest market for international students in the world after China.
The new service will enable participating schools and universities to offer Indian students the option to pay tuition fees in their home currency. It will be offered by Weizmann Forex and Paul Merchants Ltd, the two largest Western Union agents in India, making the service available at over 500 locations across the country.
“Students will also be able to pay from their homes by calling a toll-free number and requesting a house visit. A trained representative of Paul Merchants or Weizmann Forex will come to the student to collect the relevant documentation and arrange INR settlement on behalf of the university,” Western Union said.
“Nearly a quarter of a million Indian students study abroad and this service will help them make payments to their international universities from the comfort of their homes in a transparent, fast and effective way. Our aim is to improve and simplify the payments process for Indian students, ” said Anil Kapur, Regional Divisional Director, India and Middle East, Western Union Business Solutions.
Western Union Business Solutions enables businesses, colleges and universities of all sizes to send and receive international payments and manage foreign exchange in more than 135 currencies, creating solutions tailored to suit their forex needs.
Institutions are supported by a network of trading offices, strategic banking relationships and a global clearing network. Universities use the cross-border payments service for study-abroad programmes, student refunds, and for professors or recruiters traveling worldwide.