August 4th, 2020 – Toronto; New Jersey City: According to the last Higher Education Census, in 2018, Brazil had 8.4 million undergraduate students. Expanding access for students to study at international universities is the goal of PayMyTuition, a Canadian payments company specializing in the higher education segment. Through a partnership recently signed with Bexs Bank, students in the region now have a simple, cost effective alternative to making tuition payments overseas, including access to better than market FX rates, enabling them to make international tuition payments in just minutes.
PayMyTuition’s innovative platform enables students to access a unique customized experience to make tuition payments that supplies them with various payment methods, providing students with both payment and timing flexibility. The process is simple, students fill in the amount they want to transfer to the university, select the country of origin, and finally choose their preferred payment method.
PayMyTuition guarantees payment to the school with tracking transparency for students within 24 hours, faster than the two to four-day settlement wait time of competitors in the category. Moreover, the FX rates available to students are much more competitive, on average 50% better, for the Brazilian marketplace compared to alternative international providers.
PayMyTuition already has thousands of clients across Brazil. Through the partnership with Bexs the company will be able to take its scale of operations to the next level. “Brazil is one of the largest markets for international students coming to North America. The partnership with Bexs is vital to our growth strategy in the region since it will enable us to offer our innovative international payment solution to Brazilian students in a safe and secure way.” said Arif Harji, Chief Market Strategist at MTFX Group,” This partnership will ensure that students have accessibility to payment flexibility, with our international payment plan solution, and the most competitive rates, thus allowing them to focus more on growing their academic futures.”
With a unique solution that combines local payment options and better than market FX transactions with the PayMyTuition partnership, Bexs Banco is Brazil’s first online platform for cross-border payments, connecting Brazil to the world through various services and products. “Brazilian students want to study overseas but come up against the bureaucratic payment process. With our platform, and by partnering with PayMyTuition, we can offer a digital flow, reduce costs, and cut bureaucracy for students wishing to study abroad.” said Luiz Hernique Didier Jr., CEO at Bexs.
The partnership arrives at an opportune moment, when the entire world is forced to use digital processes like never before in the area of education, paving the way for Brazilians to study abroad without leaving the country. A recent survey conducted by Google identified growth of 130% in searches for non-degree graduate programs offered via distance learning during these times of physical distancing in Brazil. According to UNESCO, in March, more than 1.3 billion children and youth, from preschool to college, were affected by school closures, and many of these students had to migrate to online classes.
Even before the pandemic, Brazil was already observing the growing adoption of technologies in the industry, with global investments in education startups reaching US$18 billion in 2019, with this figure expected to reach US$350 billion in five years.
Millions of Brazilian students and professionals are increasingly turning to education at international institutions. Online teaching formats have nothing but room to grow, after all, over 170 million Brazilians are connected to the Internet and more than 50 million are adept to online shopping. The offering of alternative digital payment methods that facilitate the purchase of these programs has enormous potential.
PayMyTuition is part of the MTFX Group of Companies, a foreign exchange, and global payments solution provider with a track record of 23+ years, facilitating payments for over 8,000 corporate and institutional clients across North America. MTFX has built its reputation on amazing people and great technology. Using a blend of “high-tech” and “high-touch” solutions, MTFX has grown to become a leader in online foreign exchange and global payment services across North America. In addition to offering incredibly competitive currency exchange rates, MTFX’s “high-touch” 24/7 multilingual customer support ensures that every transaction not only meets but exceeds the level of service our customers expect from us. MTFX is headquartered in Toronto, Canada with its US headquarters in Jersey City, NJ.
About Bexs Banco:
Bexs Bank is specialized in international payments processing and FX transactions for global e-commerce, SaaS and investments. Through a unique API Platform, our solution provides the collection of Brazilian currency via local payment methods, helping both big and small companies to connect with customers in the digital world and to expand their customer base geographically.