Australia is currently home to more than 850,000 international students, as one of the world’s most sought after countries for higher education, generating more than $38.9 billion per annum. For many of these students, adapting to a new culture is extremely difficult and why student services business UniLodge has teamed up with digital payments company Novatti Group (ASX: NOV) to simplify the experience through a one-stop-shop for all tuition and accommodation payments via popular digital wallets.
The partnership will provide international students with a seamless payment experience, particularly those from China, who often face challenges with language barriers and unfamiliar payment methods. Moving large amounts of money for tuition and accommodation can also incur significant transaction and foreign exchange costs to the students, an issue addressed by Novatti and UniLodge where transaction fees are fixed and lower than other providers that range from 2.1% to 5%.
Australia’s allure as a top destination for international students remains unwavering, boasting stunning landscapes and a reputation for academic excellence. It contributed to a strong rebound in post-COVID performance from Australian universities which collectively reported a $5.3 billion surplus in 2022 as students rushed back to the Land Down Under when international borders reopened.
The high cost of living in Australia further exacerbates challenges, with many international students relying on support from family back home, a frustration that UniLodge and Novatti can offset by offering lower fees on digital wallet payments.
UniLodge recognises the importance of addressing these challenges and providing inclusive solutions for its diverse student community.
Scott Nicolas, General Manager Commercial at UniLodge, highlights the significance of the partnership with Novatti, stating, “We understand the importance of providing inclusive solutions beyond accommodation and solving the challenges of our international students when they arrive here.”
Through this collaboration, international students will now have access to a range of convenient payment options, including Alipay, WeChat Pay, and UnionPay, trusted Asian wallets widely used in their home countries. This means students can pay their tuition and accommodation fees directly from these familiar platforms, eliminating the need for cumbersome currency conversions, reducing transaction fees and removing the need to route payments via Australian banks.
With a large footprint as a service provider for international students, Novatti has flagged further opportunities to increase their presence in the education sector where digital wallets are a preferred payment method for students and their families. This then extends beyond their time as a student when they commence working in Australia and often send funds back home.
“The remarkable growth and widespread adoption of Alipay and WeChat Pay underscore their importance in the payments landscape particularly for international students who rely on these platforms to manage their finances and make transactions easily and efficiently, both at home and abroad,” said Novatti CEO, Mark Healy.
“We are delighted to provide a solution to UniLodge and their international student community to eliminate some of the complexities and high costs associated with paying all their bills.”
UniLodge operates more than 110 student accommodation facilities across Australia and New Zealand, offering a mix of academic, cultural, social and community exposure to students. These tuition, housing and utility services can be combined for students to make just one single payment via UniLodge rather than having multiple bills.
This partnership with UniLodge is Novatti’s latest initiative to transform the business as an integrated payments platform where the Company has been streamlining its operations from 12 fragmented businesses down to four core divisions.
The move has been highlighted by H1 FY24 revenue of $21.5 million being a 12.5% increase on the previous half, while expenses were down 11% over the same period.
Flagging plans to partner with larger organisations and target larger clients with higher payment volumes, Novatti recently completed a $3.5 million capital raise with funds to be utilised as collateral, enabling the Melbourne-based fintech to process more payments.
With Australia continuing to attract students from around the world, initiatives like this partnership between UniLodge and Novatti to bolster their position as the service providers of choice amongst Australia’s 850,000 international students.
Mitch Korver is a Business Writer focused on high-growth companies listed on the ASX in the small and medium cap space.
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