Wirecard, the global innovation leader for digital financial technology, and EasyTransfer are collaborating to enable seamless mobile payments for digital-native Chinese students. Together the two companies are launching a new mobile payment and loyalty app designed for Chinese students studying outside of China. Approximately $3.8 bln in tuition payments were transferred via EasyTransfer in the first year alone.
EasyTransfer was founded by a group of former international students who wanted to help simplify tuition payments for students worldwide. The company streamlines the entire traditional wire transfer process and makes it fully digital, saving students, as well as their families precious time and offering peace of mind so that they can concentrate on their studies. After rapidly expanding to over 30 countries around the world, EasyTransfer has seen an 829% growth in transaction volume and 1,079% growth in overall number of transactions over the past two years.
Due to its strategic position and relevance for an ever-growing segment of Chinese international students, EasyTransfer already has connections with multiple Chinese banks. However, a solution that offers continuity and a seamless payment process in their host country that ultimately ensures that the students studying abroad can stick to their payment habits, centered around secure mobile payments, was mission critical to further deepen the relationships EasyTransfer has with its consumers.
Wirecard has customized its intelligent mobile payment platform specifically for EasyTransfer. EasyTransfer will be able to offer Chinese international students flexible and familiar payment processes as well as a wealth of loyalty features and ancillary services from its vast network of partner merchants. Thanks to this collaboration, students can effortlessly shop online and offline via Wirecard-issued fully digital payment products, pay for meal plans, receive targeted partner merchant offers, make peer-to-peer transactions and manage expenses through the EasyTransfer app at the push of a button.
“Ease of use is imperative for EasyTransfer. Its success is built upon a highly consumer-centric approach and active engagement with its users,” commented Georg von Waldenfels, Executive Vice President Group Business Development at Wirecard. “The future of payment globally is simple, intelligent, and mobile. EasyTransfer agrees with this vision. Thanks to EasyTransfer and Wirecard, international Chinese students can not only manage their personal finances securely and comprehensively in their host country but they can do so in a manner already familiar to them, garnering assurance and peace-of-mind.”
“It is our mission to set the standard by which all other companies are compared. We want to become the number one financial service provider for the more than 1,800,000 Chinese students that now study abroad. We want to achieve this through exceptional customer service and a revolutionary user experience. Wirecard’s support and expertise in international payments is imperative to us in achieving that goal,” said Yutong Gao, President of EasyTransfer.
Wirecard will initially enable EasyTransfer’s first phase roll-out in the United Kingdom, while later on expanding into markets like Australia, North America and other Chinese student destinations.