Western Union Business Solutions, part of the Western Union Company, has launched a new service - direct rupee student payments, which will allow universities and colleges to accept fees in Indian currency.
The U.S., U.K. and Australia are the top three destinations for Indian students pursuing higher education; the company has introduced this service to facilitate transactions.
Overall, 200,000 Indian students study abroad every year, making it the second largest international student group after China. Generally, students pay tuition in the respective country's' currency, which makes it tedious and expensive.
The service will be offered by RBI-approved Weizmann Forex and Paul Merchants Limited to students in multiple locations across the country.
"Nearly a quarter of a million Indian students study abroad and this service will help them make payments to their international universities from the comfort of their homes in a transparent, fast and effective way," Anil Kapur, regional divisional director, India and Middle East, Western Union Business Solutions, told Times of India.
Students will first call a toll-free number and request for a house visit. Then a trained representative of Paul Merchants or Weizmann Forex will visit respective homes and collect the relevant documentation and arrange the rupee settlement on behalf of the university.
