Every year, thousands of Indian students pursue education abroad, carrying with them not only aspirations but also complex financial challenges. The payment of tuition fees, loan applications, payments, and compliance are still usually conducted using old channels, which require a lot of paperwork.
While cross-border payments have experienced widespread innovation in other areas, education-related financial services are still disjointed and inefficient.
The actual disconnect is the development of a single student-centric ecosystem that can facilitate the whole process of admission to settlement in a foreign country.
Bridging this very gap is Payfx, which is Pay Study’s parent company. Today, the company has robustly positioned itself as a competent financial technology company that has quickly established itself as a pioneering force in cross-border transactions.
Established in 2022, the company initiated by addressing outward remittances from India and has since expanded its portfolio to include PayStudy, a platform launched in 2025 dedicated exclusively to education loans.
Collectively, these brands are reshaping how the Indian students and their families use financial services to make the process quicker, more transparent, and fully digital.
Redefining Access to Global Education Payments
The entry of the company into this market came at a time when remittance across borders was growing exponentially. As India has an outbound P2P transaction market worth approximately 18 billion, Payfx saw an opportunity in the remittances of education and mobility of students which is on the increase with globalization and the need to study abroad.
In contrast to the West, where the idea of instant money transfer solutions is better developed, India did not have student-centered, entirely online services. Payfx positioned itself to fill this gap by allowing easy transfer to international universities and institutions as well as supporting related financial requirements.
The unique aspect of Payfx is its student-focused, holistic approach. With PayStudy, the company is not only enabling students to access education loans digitally, but also incorporates remittance solutions, travel cards, travel insurance, and even the opening of overseas bank accounts in countries like the USA, Canada and Germany.
This full service model is a guarantee that students are able to handle all their financial needs—from raising funds to paying in a foreign land—through a single, integrated platform. The company differentiates itself among others within the industry by incorporating transparency in pricing, instant loan confirmations through AI algorithms, and quick disbursals.
Trust, Transparency, and Consistency as Pillars
The innovation is supported by a team that is strategically designed to provide expertise and service excellence. The sales team of Payfx consists of professionals from established banks and competitors ensuring clients get advice on financial complexities by professionals who have been in the field for a long time.
The operations departments are divided into remittances and education loans, and are staffed by professionals who have more than a decade of experience in compliance monitoring, documentation validation, and cross-border transactions.
“The fully digital journey and 24/7 customer support model that keeps clients informed at each stage has allowed us to build a culture of trust and transparency”, says Jayaprakash, CEO at Pay Study.
The company’s growth journey underscores its commitment to expansion and market penetration. The company began its operations in South India, and has now started its operation in key hubs in North India like Mumbai, Pune, Delhi, Gujarat and Punjab.
With initially having only remittance clients, it now supports more than 2,500 clients and has successfully executed over 10,000 transactions.
The introduction of PayStudy as a B2C channel in 2025 has also expanded its scope, allowing direct access to those students who need a loan and institutional partners in the B2B space.
The pillars of the Payfx client philosophy continue to be transparency, consistency, and service quality. The company builds trust by being transparent about the rates, costs of interest, and the means of repayment and making clients feel well-informed and safe.
This transparency, coupled with a solid delivery and service quality, has enabled Payfx to build long-term customer relationships and brand equity in a business where trust is critical.
Unlocking New Horizons in Cross-Border Services
Moving into the future, Payfx is charting an ambitious international roadmap. In 2023, the company secured its first international MSB license in Canada and launched PAYUNI, a dedicated platform specialized in transferring funds to universities and facilitating outward remittances for expatriates.
Applications for licenses in the UK and other markets are underway, paving the way for Payfx to expand its reach far beyond India. In the near future, the company also plans to extend its services beyond student-focused solutions into segments like hospitality, family maintenance, and gifting — verticals that represent immense untapped potential.
“Having a solid technological base, a well-recognized vision and an expanding global presence, we are positioned to achieve the status of a forerunner in the cross-border financial ecosystem”, concludes Jayaprakash.
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