NewsVoir
New Delhi [India], June 25: In an attempt to change the way students transfer funds for education and living expenses abroad, Fairexpay has partnered with Acadfly, the study-abroad program of PhysicsWallah. This partnership will try to digitalise the remittance journey to make international money transfers easier and cost-effective for students and their families.
Outward remittances under the Liberalised Remittance Scheme (LRS) for resident individuals studying abroad amounted to US$ 3,500 million during the fiscal year 2023-24. This figure is expected to grow further in the coming year, as increasing number of Indian students may be opting for international education and rising tuition and living costs abroad.
A number of these students face significant hurdles in sending money abroad. Common issues include multiple visits to banks, forex costs, several to-and-fro documentation, and delays in processing, adding unnecessary stress to students and their families, impacting their overall study abroad experience.
Fairexpay, with its expertise in cross-border remittances, wants to leverage Acadfly's student outreach to enable students to remit tuition fees and living expenses with less effort via a platform that aims to ensure compliance, speed, and lower costs, which may eliminate hidden charges and try to cut down on long processing times.
"We are thrilled to collaborate with Acadfly in trying to reshape the student remittance ecosystem. This partnership will try to not only simplify the remittance process but also help students save on forex costs, making education more accessible even globally," said Saurabh Jain, CBO at Fairexpay.
This move will try to align with Acadfly's attempt at trying to provide end-to-end solutions for students and help to make their international education journey as seamless as possible.
"At Acadfly, we try to enhance the student experience. By partnering with Fairexpay, we are trying to offer a streamlined, cost-efficient, and hassle-free remittance solution that will also try to align with our attempt to support students pursuing education abroad," said Gaurav Kumar, Associate Vice President at Acadfly, the study-abroad program of PhysicsWallah.
With Fairexpay's platform and Acadfly's student outreach, this partnership is trying to provide not just convenience but also cost savings, reinforcing both companies' attempts to provide innovation and financial empowerment in the education sector.
Fairexpay is a leading financial technology company specializing in digital payment solutions that enable seamless, secure, and cost-effective cross-border transactions. With a focus on innovation and customer experience, Fairexpay is committed to breaking down barriers in international finance through its state-of-the-art digital platform.
PhysicsWallah (PW), an education platform, was founded in 2020 by Alakh Pandey and Prateek Maheshwari. Headquartered in Noida, Uttar Pradesh, PW aims to democratize education through online, offline and hybrid platforms. Initially launched as a YouTube channel in 2016, PW now offers education to students through its YouTube channels, including vernacular languages. PW aims to create a hybrid education ecosystem in the country by establishing tech-enabled offline and hybrid centres in cities nationwide. PW's offerings span various educational segments, including test preparation, a skilling vertical, higher education, and education abroad. PW has raised funding from investors, including Hornbill Capital, Lightspeed Ventures, Westbridge and GSV Ventures.
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