Global payment service firms are eyeing huge growth opportunities as a record number of Chinese students are planning to go abroad for higher studies, an industry report said.

China has been the largest overseas student source country for four consecutive years, said the report published by UnionPay International Co Ltd, the international business arm of China UnionPay. It said the number of overseas students from China rose by 12 percent year-on-year during the past five years, and reached 460,000 by the end of last year.

Tuition fees, accommodation, travel, and daily consumption needs of this group may reach up to 500,000 yuan ($80,645) a year.