The company will add the new payment method for buyers in Canada, the European Union, the United Kingdom and the United States. The new payment method is expected to benefit businesses, educational and healthcare institutions as it will broaden their offerings.
By adding the international transactions option, Flywire is suggesting businesses, students and patients an additional way to make payments.
Ryan Frere, Flywire Vice President of Global Payments, spoke of the news and unveiled his main goal to join forces. He said: “We’re very pleased to be able offer PayPal as another core payment option for our clients and their customers,” said Ryan Frere, Vice President of Global Payments for Flywire. “It furthers our objective of taking the friction out of international payments and making them every bit as familiar, easy and convenient as domestic payments.”
“Our goal is to make sure we’re providing the best payment methods to folks around the world that need to make cross-border payments. We’re also looking to make sure our receivers are getting what they need to in a great payment experience for their payers. When you look at PayPal, which is so widely accepted, this partnership is a continued path of providing the best options to the payers available,” he added.
Flywire was founded in 2009 and was previously as peerTransfer. Six years later the company open some offices in Spain and focused on international student tuition payments . At FinovateSpring 2011 the company debuted with its original tuition payment platform. Flywire is now used by over 1,300 organizations across 18 countries around the world.
PayPal has more than 200 million active users who make payments via mobile devices, in an app, or in person. PayPal is often considered as one of the most popular payment methods. Last week the company announced its plans to add instant bank transfers – a new service feature that would allow users to transfer money instantly to their banks accounts.
“We expect that funds will typically be available in your bank account in a matter of minutes, although some banks may take up to 30 minutes,” PayPal chief operating officer Bill Ready said in a blog post. “Our beta of this is now available to select PayPal users and will be made available to all U.S. PayPal users with eligible Visa or Mastercard debit cards over the coming weeks and months.”
The news comes at a time when the company is changing its focus from being a competitor to Visa and MasterCard, to being more of a partner. For years, PayPal encouraged users to link their cards to the service and use it as a means of routing around the large payment networks. But last year, things changed.