Mastercard Makes it Easier for Chinese Students to Pay Tuition
China represents the bulk (31%) of international students entering America to study–leading India (14%) and South Korea (7%). Once here, Chinese students meet a number of challenges when it comes to paying their tuition, including limited payment methods and currency exchange. Many schools in the States only accept payments via check or electronic bank transfer, which can be difficult to manage for these international students.
Plastiq eliminates these issues by processing cards and sending payments in forms accepted by the recipients. Schools do not need a Plastiq account to accept payments through the service. Plastiq converts MasterCard payments into checks or money orders for these schools.
Planet Payment’s involvement allows Chinese cardholders to view transactions and competitive exchange rates in Chinese RMB, which will give them greater price certainty.
“Parents and students can send tuition and other payments globally with peace of mind as their money is protected by the safety and security of the Mastercard network and delivered to this site powered by Plastiq and Planet Payment,” said Linda Kirkpatrick, executive vice president, U.S. Market Development, Mastercard. “Our new alliance with these two companies supports the Mastercard objective of making payments smart, simple and safe.”
The international acceptance agreement is exclusive to MasterCard.