Partnership between Bexs and PayMyTuition optimizes payments for foreign courses, expanding access for Brazilians.
According to the 2018 Higher Education Census, conducted by the Ministry of Education, Brazil has over 8.3 million university students. A considerable part of this number study via distance learning: between this census to the previous one, there was a robust increase in students making use of this means of learning, from 15% to 34%.
The consolidation of this trend, together with the growing number of Brazilians with internet access and their tradition of seeking courses abroad, has brought together PayMyTuition and Bexs Banco, with its payment and FX solutions. A well-known Canadian payment provider with over 8,000 accredited educational institutions in North America, the company saw this partnership as an opportunity to scale and optimize course sales platforms in Brazil.
“Brazilians want to study abroad, but run up against the bureaucratic payment process. With our platform, in partnership with PayMyTuition, we can offer online flow, reducing costs and bureaucracy”, emphasizes Bexs CEO Luiz Henrique Didier Jr.
Traditional international payment providers usually take 2 to 4 days to transfer students’ fees from Brazil. Bexs provides the same service in less than 24 hours. Another point to highlight is the variety of local payment methods available on the platform, suited to Brazilian habits and culture. Such flexibility makes the dream of studying abroad much simpler by solving one of the main “headaches” in the process of paying for the course abroad.
Arif Harji, chief market strategist for MTFX Group and owner of PayMyTuition, highlights this flexibility as essential for his business. “This partnership will ensure students have flexibility in making payments, with our international payment plan solution and the most competitive rates, allowing them to concentrate on constructing their academic future.”
The financial benefits for students described by Arif Harji are the result of Bexs’ expertise. Its normative and procedural know-how, acquired over 30 years of operating in the Brazilian market, provides students with more competitive FX fees; on average, 50% lower than those charged by other players.
The main reason we chose Bexs as a local partner was its qualification. “Brazil is one of the largest markets for international students studying in North America. The partnership with Bexs is vital for our growth strategy, enabling us to offer a secure payment solution, besides making the values more accessible for Brazilians”, explains Harji.
Social distancing due to the pandemic has intensified the project to expand PayMyTuition’s customer base in Brazil. Hundreds of educational institutions have expanded their e-learning provision, and Google has signaled a 130% growth in searches for distance learning programs during social isolation. The World Economic Forum forecasts global investment of USD 350 billion in Edtechs in the year 2025.
Providing fluid online platforms, with local payment methods and embedded FX conversion seems essential for foreign businesses targeting Brazil as a destination.
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