This partnership integrates Flywire technology directly into the bank's platform, offering Indian students an advanced digital checkout experience for their international educational payments
FinTech BizNews Service
Mumbai, February 6, 2024: State Bank of India, the largest lender in India, in collaboration with Flywire Corporation, is set to redefine the international education payments landscape for Indian students. The partnership aims to provide a seamless and fully digital payment experience, transforming the traditionally complex process into a streamlined, user-friendly journey.
This partnership integrates Flywire technology directly into the bank's platform, offering Indian students an advanced digital checkout experience for their international educational payments. From application to tuition fees, students can complete transactions effortlessly in Indian rupees within three simple steps on SBI’s net banking platform. Additionally, institutions will benefit from the automatic capture of relevant student information, ensuring accurate and identifiable payments.
This partnership is a step towards a digital transformation that ensures enhanced transparency and compliance with the Reserve Bank of India's Liberalised Remittance Scheme (LRS) guidelines, simplifying overseas transactions for Indian residents.
The partnership comes at a pivotal moment for the global economy. Indian students are a key driver of international education, and this number is poised to double, given Indian outbound student population will reach 1.8 million students by 2024, contributing to a substantial spending forecast between US$75 to US$85 billion.
Recognizing the market gap, SBI aims to take the lead in providing a modern, efficient solution to the traditional paper-based payment process.
SBI said " We are pleased to partner with Flywire and offer this unique solution to Indian students and customers of SBI. By partnering with Flywire, we're expanding the footprint of our payment solutions to benefit the next generation of students."
Mohit Kansal, SVP of Global Payments, Flywire, highlighted, "This powerful integration takes what was typically a cumbersome, multi-day process and gets it done in a few steps. India is going through an exciting digital revolution, and we are excited to be at the forefront of this change."
The partnership marks a significant stride towards a digital era in international education payments, promising Indian students a hassle-free and transparent payment experience on a global scale.
About State Bank of India:
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of over 30 lakh Indian families. The home loan portfolio of the bank has crossed Rs. 6.72 lakh crore. As of September 2023, the bank has a deposit base of over Rs. 46.89 lakh crore with CASA ratio of 41.88% and advances of more than Rs. 34.11 lakh crore. SBI commands a market share of 27.4% and 19.3% in home loans and auto loans respectively. SBI has the largest network of 22,400+ branches and 65,600+ ATMs / ADWMs in India with 79,647 BC outlets. The number of customers using internet banking and mobile banking stand at 122 million and 107 million respectively. With SBI’s digital strategy right on track – the bank witnessed 61% of new savings accounts being opened through the integrated digital and lifestyle platform YONO in Q2FY24. YONO, which has more than 6.72 crore registered users, witnessed 36 lakh new YONO registrations in Q2 FY24. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 7,489 crores through YONO in the same period. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.
