SBI partners with Flywire to streamline international education payments for Indian students

On February 2, 2024, the State Bank of India (SBI), the country’s largest lender, announced a collaboration with Flywire Corporation aimed at simplifying international education payments for Indian students.

Through this partnership, Flywire’s technology will be seamlessly integrated into SBI’s platform, providing Indian students with an enhanced digital payment experience for their international educational expenses. From application to tuition fees, students can now complete transactions effortlessly in Indian rupees through three simple steps on SBI’s net banking platform.

Moreover, institutes will benefit from the automatic capture of pertinent student information, ensuring precise and traceable payments, as highlighted in SBI’s statement.

This collaboration arrives at a crucial juncture for the global economy, particularly considering the significant role Indian students play in driving international education. With projections indicating a doubling of the Indian outbound student population to 1.8 million by 2024, accompanied by substantial spending estimates ranging between $75 billion to $85 billion, this partnership aims to streamline financial processes for this burgeoning demographic.