 "Students can pay directly to foreign universities with HDFC's new platform")
HDFC Bank has launched a digital platform called Edtech to streamline finances for students planning to study abroad. The announcement was made at the Global Fintech Fest 2024 in Mumbai.
The bank said the new platform will serve as a payment gateway, making the existing offline modes of funding overseas transfers into a "seamless digital experience". HDFC Bank will collaborate with educational consultants and aggregators, enabling students to send money directly to international universities through this solution.
“We are excited to introduce our new edtech platform – a payments solution for students aspiring to pursue their education dreams abroad. This will help make the journey quicker and smoother. The offering from HDFC Bank is part of our focus on customer centricity and our commitment to evolve alongside changing customer expectations,” said Jatinder Gupta, business head and EVP of retail trade and forex at HDFC Bank,
Benefits of new platform
Convenience of digital payments for students
Reduced payment drop-offs
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Compliance with Reserve Bank of India guidelines
Streamlined process for educational consultants and aggregators
This initiative comes at a crucial time, as the Ministry of External Affairs estimates that over 1.3 million Indian students are expected to pursue education abroad. The overseas education market represents a significant portion of India's Liberalised Remittance Services, with domestic banks handling transactions worth $3.5 billion.
This segment of Education consultants and aggregators holds immense growth potential as they offer a complete suite of services and handhold a large number of students seeking to study overseas, said the company in a press release.