- This collaboration will enable Indian students to pay international education fees digitally all around the world.
- HDFC Bank will use Flywire’s platform to give Indian students a fully digital checkout experience.
- It will allow the Indian students to pay their fees in INR and the international institutions through Flywire will receive it in their respective local currency viz. USD, EUR, etc.
- The agreement will also simplify the compliance procedure for the RBI’s Liberalized Remittance Scheme (LRS), which limits NRIs to transfer up to USD 2.5 lakh overseas in a fiscal year.
- Flywire is a global payment facilitator that was established in 2019 with its headquarters in Boston, USA. The current CEO of the company is Mike Massaro.
- HDFC Bank Ltd is a financial services company that was established in 1994 with its headquarters in Mumbai. The current CEO of the company is Sashidhar Jagdishan.
Question:
Q.1 Recently HDFC Bank Ltd partnered with the _____ to offer educational digital payments.a. Flywire
b. PayPal
c. RazorPay
d. Payoneer
