TORONTO, June 27, 2022 (GLOBE NEWSWIRE) -- International students at the University of Toronto can now make purchases in campus bookstores with greater ease by paying in foreign currency.

The University of Toronto (UofT) Bookstore and leading payment service provider OTT Pay, today, announced the launch of online payment options for students to pay in Chinese yuan, broadening a partnership to streamline campus shopping.

OTT Pay is a leading FinTech company in Canada providing secure, fast and convenient payment aggregator services that enable merchants to accept various types of payment methods to meet the customer needs.

OTT Pay has partnered with the UofT Bookstore by installing POS terminals in all four Greater Toronto Area locations. While the UofT Bookstore has accepted Chinese digital payment methods in-store for several years, OTT Pay has broken new ground by integrating with an industry leading ERP to establish a seamless online payment system. 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.

The availability of both in-store and online payment services enables students and merchants to complete transactions using Chinese payment apps, thereby avoiding lengthy cross-border settlement delays and lowering foreign exchange costs. In addition to payment processing, OTT Pay provides schools and educational institutions with value-added solutions in helping them easily expand services and improve customer experiences.

"The launch of the online payment option will offer greater convenience to students to purchase books, school supplies and apparel at campus bookstores," said Sam Wang, Vice President of OTT Pay. "OTT Pay's all-in-one payment solution offers students and merchants more convenient payment options facilitating transactions for both students and merchants alike."

OTT Pay's mission is to build an ecosystem connecting consumers and businesses globally for more opportunities. OTT Pay is a member of the OTT Group of Companies, a diversified financial services group that has been delivering trusted financial services since 2006. The Group provides services in securities distribution, investment brokerage, asset management, and global settlement, in addition to payment services.

For media inquiries, please contact [email protected]

This content was issued through the press release distribution service at Newswire.com.