It will enable participating schools and universities to offer Indian students the option to pay tuition fees in their home currency
Mumbai: Payment services major Western Union’s subsidiary, Western Union Business Solutions (WUBS), has launched a new service that will allow universities and higher education institutions around the world to accept tuition payments in Indian Rupee.
The service has been launched in association with the RBI-approved agents Paul Merchants and Weizmann Forex.
Staff from the agents will collect the fees from clients’ doorsteps for empanelled universities in rupees. WUBS will be charging a fee for every transaction and also earning in foreign exchange conversion.
Fee structure and number of universities, the company has empanelled, have however not yet been disclosed.
According to a recent study, the United States, United Kingdom and Australia are the top three destinations for Indian students. Indian students who go abroad are typically invoiced in the currency of their university, which often makes the payment process cumbersome and expensive.
In many cases, intermediary fees impact the final amount received by the university so the students still owe money before commencing their studies.
According to WUBS, India is the second largest market in the world with about 200,000 students going abroad every year.