In a rapidly evolving digital landscape, the Australian education sector finds itself at the forefront of the demand for change. Students who grew up surrounded by emerging technologies have an innate craving for more digitally enhanced experiences, from dating and ordering food to their education, paying bills, and beyond.
The COVID-19 pandemic further accelerated the demand for digitisation, pushing traditional courses into the online realm and driving in-person support towards digital engagement.
Leading educational organisations were quick to respond to this technological shift, recognising the potential to enhance the student experience, boost revenue, and streamline administrative costs through digital services.
Sector Growth and the Digital Payment Surge
Australia’s education sector has experienced remarkable growth, with the university sector reporting a surplus of $5.3 billion in 2023 alone, compared to the typical $1-2 billion surplus across the last decade. Although the COVID pandemic temporarily affected the sector as students returned home, the rebound was swift as soon as restrictions were lifted.
While the newly introduced Australian government policies may slightly reduce student visas, international student revenue remains a vital income source for higher education providers, second only to federal government funding ($20.2 billion).
Frictionless Payments Enable Seamless Student Experience
Digital, frictionless payment solutions are now an integral part of the educational offering. Traditional payment methods are making way for agile, digital-first solutions that handle a myriad of transactions, from tuition fees to online course materials and even rent.
According to Mark Healy, CEO of Novatti, “Modern payment solutions play a critical role in the education sector. They have the potential to leave a lasting impression on students and their families by reducing friction and delivering a superior experience.
Accepting digital payments have become a necessity. International students want to pay with the digital wallets they are used to like, Alipay and WeChat Pay. And, domestic students and their families now expect the same efficiency in educational payments that they encounter with services like Uber, Netflix and Afterpay: they want to make seamless, hassle-free payments.
Digital Payment Solutions Offer Wider Benefits
Digital payment solutions are also crucial for reducing costs and boosting revenue. Beyond convenience, they streamline operations and reduce the time and costs associated with processes like refunds and reimbursements.
Novatti and its clients have been at the forefront of the shift from traditional to digital payments, enabling students worldwide to participate in Australia’s education sector. Novatti offers a seamless experience, minimising friction in payments and accelerating fund transfers to institutions.
Novatti caters to global student requirements by offering multi card acceptance, payments from digital wallets, and mobile payment solutions like tap to pay (a wireless method that allows users to pay by tapping their bank card or other device on the terminal). We also offer multi-currency support and integration with Alipay and WeChat Pay ensure that international students can pay in their preferred currency, in a language they understand, using familiar payment methods.
The Future of Education and Payment Solutions
Novatti’s success in the educational sector is driven by its knowledge and ability to tailor its solutions for its partners and clients. Collaborations with leading educational institutions and service providers have seamlessly integrated Novatti’s payment solutions into the student experience.
As the education sector continues to blossom and demand for seamless digital experiences grows alongside, the need for secure, efficient, and student-friendly payment solutions remains. Novatti’s contributions are shaping the future of educational payments, making education more accessible and inclusive for students worldwide.
Want to learn more about how education-based businesses are reducing manual processes, streamlining services, and making payments easy? Click here to reach our team.