OTT Financial Group today announced that its payments service OTT Pay is now available for students at the University of Toronto.
International students at the UofT can now make purchases in campus bookstores by paying in Chinese yuan, broadening a partnership to streamline campus shopping.
Toronto-based financial technology OTT Pay says its mission is to provide “secure, fast, and convenient payment aggregator services that enable merchants to accept various types of payment methods to meet the customer needs.”
“OTT Pay’s all-in-one payment solution offers students and merchants more convenient payment options facilitating transactions for both students and merchants alike,” said Sam Wang, Vice President of OTT Pay.
This new infrastructure “will be of great benefit to the university community, helping to better serve the diverse payment needs of international teachers and students,” a statement from OTT Pay reads.
Like many top universities in Canada, UofT has a lot of international students. In fact, two-thirds of the University’s student enrolment is foreign, according to student newspaper The Varsity, with 15% of the total student body being Chinese.
While the UofT Bookstore already accepted Chinese digital payment methods in-store, OTT Pay believes it has has broken new ground by integrating with enterprise resource planning software to establish a seamless online payment system. The company has installed point-of-sale terminals in all four Greater Toronto Area bookstore locations.
“The launch of the online payment option will offer greater convenience to students to purchase books, school supplies, and apparel at campus bookstores,” said Wang.
According to Wang, the availability of both in-store and online payment services enables students and merchants to complete transactions using Chinese payment apps, thereby avoiding cross-border settlement delays and lowering foreign exchange costs.
The OTT Group of Companies was founded in 2006.