Wednesday, February 06, 2013

Foreign universities to receive payments in Indian Rupee

Western Union Business Solutions, a unit of The Western Union Company announced a new service that will allow universities and higher education institutions around the world to accept tuition payments in Indian Rupee.

Over 200,000 Indian students study abroad each year, making India the second largest market for international students in the world after China. Indian students who choose to study abroad grew by over 250 percent between 2000 and 2009, with overall numbers increasing from 53,000 to more than 189,000 during that period.

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 (e.g. US dollars, Euros) 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.

Western Union's 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 Limited, the two largest Western Union Agents in India. Both Weizmann Forex and Paul Merchants Limited will make this product available to students at multiple 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.

Source: The Economic Times (Online Edition), February 6, 2013

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