In today’s competitive academic landscape, universities face increasing pressures and demand to enhance the overall student experience and at the same time to manage costs and refunds effectively.
The demand for an outstanding experience is especially critical for international students, who bring significant financial contributions and diversity to campuses worldwide.
However, these students often encounter unique challenges that can detract from their educational journey. To address these issues, implementing modern payment solutions like Alipay can be transformative.
International students, particularly those from China, are a vital source of revenue for universities. However, to fully service these potential students, its essential universities address the evolving needs and expectations of international students and their families, particularly concerning modern payment methods. The financial strain of living abroad, coupled with language barriers and cultural differences, can make the experience overwhelming. Traditional payment methods often exacerbate these issues, adding unnecessary stress and financial hurdles.
International students desire a seamless, efficient, and secure way to manage their finances and they seek modern payment solutions that align with their everyday practices back home In China, mobile payments are deeply integrated into daily life, with almost 1 billion users relying on apps like Alipay and WeChat Pay for everything from shopping to paying bills. These platforms offer convenience, speed, and security that traditional banking methods often lack.
“International students and their families have unique preferences when it comes to payments. Providing them with a payment method like Alipay that they trust, that they’re comfortable with, in a language they understand, can significantly enhance their overall experience. And, it’s a win-win situation for educational organisations too, as it fosters greater satisfaction and delivers better financial outcomes for them as well….” Jason Turnbull, GM of Payments at Novatti.
Alipay, operated by the Chinese technology giant Alibaba Group, is a leading mobile payment platform and digital wallet service. It allows users to send and receive money effortlessly, without the need for cash. Beyond simple transactions, Alipay offers a plethora of features, including hailing taxis, obtaining credit cards, and even purchasing insurance, making it a super app in the truest sense.
1. Enhanced Student Experience: By integrating Alipay via Xetta, universities can significantly improve the payment experience for Chinese students. This familiar and trusted platform reduces the complexity and anxiety associated with financial transactions abroad.
2. Speed and Convenience: Alipay provides a quick and easy way for students to make payments. This efficiency translates into faster revenue access for universities and smoother financial operations.
3. Operational benefits: Alipay can reduce instances of failed payments, mitigate chargeback risks, and simplify the refund processes, contributing to enhanced operational efficiency and financial management leading to lower administrative costs for universities and demands on university staff.
4. Security: Alipay employs advanced encryption and fraud detection technologies, ensuring that transactions are secure.
5. Cultural Relevance: Adopting a payment method widely used in China shows that universities value their international students and are willing to cater to their specific needs. This can enhance the institution’s reputation and attractiveness to prospective students.
Chinese students not only bring diversity to the campus but also represent a substantial financial asset. According to an analysis of the Group of Eight universities’ financial statements, international students are the most profitable source of income, second only to government grants. Despite comprising a minority of the student body, they pay the majority of fees. Addressing their needs with modern payment solutions like Alipay is not just beneficial; it’s essential. By facilitating easier payment methods, universities can ensure a better experience for international students, which in turn, boosts their bottom line and enhances their global standing.
Addressing the challenges faced by universities and international students
International students, particularly those from China, are a vital source of revenue for universities. However, to fully service these potential students, its essential universities address the evolving needs and expectations of international students and their families, particularly concerning modern payment methods. The financial strain of living abroad, coupled with language barriers and cultural differences, can make the experience overwhelming. Traditional payment methods often exacerbate these issues, adding unnecessary stress and financial hurdles.
What Do Students Want?
International students desire a seamless, efficient, and secure way to manage their finances and they seek modern payment solutions that align with their everyday practices back home In China, mobile payments are deeply integrated into daily life, with almost 1 billion users relying on apps like Alipay and WeChat Pay for everything from shopping to paying bills. These platforms offer convenience, speed, and security that traditional banking methods often lack.
“International students and their families have unique preferences when it comes to payments. Providing them with a payment method like Alipay that they trust, that they’re comfortable with, in a language they understand, can significantly enhance their overall experience. And, it’s a win-win situation for educational organisations too, as it fosters greater satisfaction and delivers better financial outcomes for them as well….” Jason Turnbull, GM of Payments at Novatti.
Understanding Alipay
Alipay, operated by the Chinese technology giant Alibaba Group, is a leading mobile payment platform and digital wallet service. It allows users to send and receive money effortlessly, without the need for cash. Beyond simple transactions, Alipay offers a plethora of features, including hailing taxis, obtaining credit cards, and even purchasing insurance, making it a super app in the truest sense.
Why Alipay is a must for universities and their international students
1. Enhanced Student Experience: By integrating Alipay via Xetta, universities can significantly improve the payment experience for Chinese students. This familiar and trusted platform reduces the complexity and anxiety associated with financial transactions abroad.
2. Speed and Convenience: Alipay provides a quick and easy way for students to make payments. This efficiency translates into faster revenue access for universities and smoother financial operations.
3. Operational benefits: Alipay can reduce instances of failed payments, mitigate chargeback risks, and simplify the refund processes, contributing to enhanced operational efficiency and financial management leading to lower administrative costs for universities and demands on university staff.
4. Security: Alipay employs advanced encryption and fraud detection technologies, ensuring that transactions are secure.
5. Cultural Relevance: Adopting a payment method widely used in China shows that universities value their international students and are willing to cater to their specific needs. This can enhance the institution’s reputation and attractiveness to prospective students.
Are you offering Alipay?
Chinese students not only bring diversity to the campus but also represent a substantial financial asset. According to an analysis of the Group of Eight universities’ financial statements, international students are the most profitable source of income, second only to government grants. Despite comprising a minority of the student body, they pay the majority of fees. Addressing their needs with modern payment solutions like Alipay is not just beneficial; it’s essential. By facilitating easier payment methods, universities can ensure a better experience for international students, which in turn, boosts their bottom line and enhances their global standing.
