Financial technology firm, Wirecard, and EasyTransfer are collaborating to enable mobile payments for digital-native Chinese students. Together the two companies have launched a new mobile payment and loyalty app designed for the 1.8m Chinese students studying outside of China.
It is expected that more than $1 billion in payment volume will be processed by the newly designed solution in the next three years in the first few markets only.
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. After rapidly expanding to over 30 countries around the world, EasyTransfer has seen an 829% growth in transaction volume and 1079% 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, was critical to deepening the relationships EasyTransfer has with its existing 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. Students can now 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.
Wirecard will initially enable EasyTransfer’s first phase roll-out into United Kingdom, while later on expanding into markets like Australia, North America and other Chinese student destinations.
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.
Georg von Waldenfels, Executive Vice President Group Business Development, Wirecard