Gao Yutong, the second millennial entrepreneur we are going to report today proposed an uncompetitive solution to pay foreign tuition, which has been an issue of headache faced by almost every Chinese student studies overseas. Had been trapped in the same box, he genuinely wanted to help his peers to find a way out.
Grown up in a family with financial background, Gao was naturally sensitive to finance related issues. It was all inspired by his suffering experience back in 2010, when he was enrolled by Mount Michael High school of the United States at the age of 16. As a teenager, he was not entitled to open bank account in the US, so that his parents had to fly all the way to America and fly back to get it done. When he met his later partner Shang Xiao, an elder brother, they hit it off immediately, anticipating to find a solution. That was how Easy Transfer came into shape.
Paying Tuition Made Easy
For a long time, Chinese overseas students have been using either telegraphic transfer or credit card to pay tuitions. Put aside the inconvenience and long hours waiting in the bank, obscure English bills and limit on foreign exchange cause larger problems for the caring Chinese parents. To address it, credit card may seem better, but unreasonably high service charge scared most families off.
Compared against traditional ways, Easy Transfer offers a more favorable solution. Its sound platform provides twenty-four/seven online services for transferring and tracing, quick response to transference and low operation cost. By connecting the overseas schools and domestic licensed payment agency, with the supervision of domestic banks, it ensures the accuracy and safety. Since its official launch in 2014, Easy Transfer has witnessed a dramatic growth in business transactions from zero to 200 million RMB. Although it was not well accepted at the beginning, the new paying way eventually comes into a trend.
Steal ‘Cake’ from Giant BAT
With the development of Internet and mobile technology, there comes a thriving market of third party payment tools in China, among which the three giant BAT (Baidu, Alibaba and Tencent) dominate the largest part of the market. Focusing on solving one problem for one kind of people, Easy Transfer precisely defines its users, survives and grows in the fierce competition. Now it has attracted investments from the leading characters of education, including Xue Mangzi (acknowledged investor), Yu Minhong (fouder of New Oriental), and Xu Xiaoping (co-founder of New Oriental). It is going to be a hard game for giants. As Gao alleged, Alipay needs at least extra two years of huge effort to kick them off the market.