Cashfree Payments, a leading payment and API banking solutions company, has collaborated with Jamboree, India’s leading institute for study abroad test prep and admission counselling, to simplify fee payments for Indian students studying overseas. The partnership leverages Cashfree Payments’ cross-border payment solution, streamlining and digitising the entire payment process from KYC verification payment collection to outward remittance. According to an official statement, it eliminates the need for physical bank visits, offline KYC submission and verification, providing students with a convenient, fast, cost-effective, and transparent payment experience.
As part of this initiative, students can initiate transactions 24/7, even on weekends and holidays, providing flexibility. It enables students to make remittances under the Liberalised Remittance Scheme (LRS) established by the Reserve Bank of India (RBI), catering to a wide range of payment needs permitted by regulations, including admission fees, education rental payments, student maintenance expenses, Guaranteed Investment Certificate (GIC) payments for students heading to Canada, as well as blocked account payments for students bound for Germany. Further, it substantially reduces the forex markup, making the transactions cheaper for Indian students. Students can also track the remittance status, from KYC verification status, payment confirmation, and remittance initiation to downloading a SWIFT copy.
With the Cashfree Payments solution, Jamboree can start to extend the remittance service to students without any integration. Jamboree can also cater to students who cannot visit offline branches of Jamboree. The partnership has empowered Jamboree by making the entire payment process simpler, faster and cheaper. With Cashfree Payments’ cross-border solution, Jamboree can offer education consultation and can facilitate international fee payment under one roof without having to invest separately in building a tech stack. Cashfree Payment’s cross-border solution empowers Jamboree to monitor its transactions through a transaction tracking dashboard.
Commenting on the association, Co-founder of Cashfree Payments, Reeju Datta, said:
We are excited to partner with Jamboree to simplify international fee payments for Indian students. Our cross-border payments solution aims to provide students with a seamless and convenient payment experience, eliminating the need for physical bank visits. This collaboration allows students to focus on their educational goals by removing unnecessary hurdles and saving valuable time. This partnership represents a significant milestone in simplifying the payment process for international students and highlights our commitment to delivering convenience, security, and flexibility.
Using Cashfree Payments’ cross-border payments solution, Jamboree can seamlessly extend the remittance service to students without integration, including those who cannot visit offline branches. This partnership has empowered Jamboree by simplifying, accelerating, and reducing the cost of the entire payment process. By leveraging Cashfree Payments’ cross-border payment solution, Jamboree can provide education consultation and facilitate international fee payments under one roof without the need for separate investments in building a tech stack. It also enables Jamboree to monitor its transactions through a convenient transaction tracking dashboard.
Vineet Gupta, Managing Director, Jamboree, added:
We are excited to join hands with Cashfree Payments to redefine how students pay their tuition fees to colleges abroad. This collaboration signifies a significant stride in our journey towards providing unparalleled services that cater to the evolving needs of our students who embark on international educational pursuits.
With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its Payouts and is also among the leading online payment aggregators. India’s largest lender, SBI, invested in Cashfree Payments, underscoring the company’s role in building a robust payments ecosystem. It works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products. The platform is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries, including the USA, Canada, and UAE.
Founded by IT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, Cashfree Payments provides full-stack payment solutions, enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Its offerings include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account veriﬁcation API, Lending disbursals solution and Auto Collect — a virtual account solution to match inbound payments to customers. The platform enables more than 3,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards.