Mastercard Helps Chinese Students Pay U.S. Tuitions
August 10 2016 - 09:00AM
Business Wire
Plastiq Accepts Local Credit and Debit Cards to
Pay U.S. Schools
Mastercard is offering cardholders in China the ability to use
local credit and debit cards to pay U.S. tuitions and other costs
through a first-of-its-kind online payment service found at
www.plastiq.com/mcuni.
Largely created for Chinese students studying abroad, the site
addresses international tuition payment challenges, including
limited payment methods and currency exchange. Many U.S. schools
only accept payment via check or electronic bank transfer which can
be difficult to manage overseas. For Chinese students studying in
the U.S., these challenges are increasingly common as China is the
top country of origin sending international students to U.S.
schools, according to the Institute of International Education’s
‘Open Doors’ Report (2014-2015). China represented 31 percent of
the total international students coming to the U.S., leading India
(14 percent) and South Korea (7 percent).
Mastercard joined forces with Plastiq, an online payment service
company, to create the site for its cardholders. Unlike other
solutions, Plastiq processes cards and sends payments in forms
already accepted by recipients. Schools do not need a Plastiq
account to accept card payments submitted through the service.
“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.”
Mastercard, Plastiq and Planet Payment (NASDAQ:PLPM) a leading
provider of international and currency payments, launched the site.
Planet Payment enables the conversion from RMB to USD in real-time.
Plastiq provides the technology that converts Mastercard credit and
debit card payments into checks or money orders.
“Tuition is one of the most impactful payments you will make in
life. It’s a bill that directly contributes to the well-being of
your child, and you should have the choice to pay it with your
Mastercard-branded card,” said Eliot Buchanan, co-founder and CEO
of Plastiq. “With Plastiq, even if a school doesn’t accept credit
cards, you can still use your Mastercard card to pay the tuition.
In fact, Plastiq gives you the freedom to pay any bill using your
favorite card, so that life’s important payments are on your
terms.”
This international acceptance agreement will be exclusive to
Mastercard. Chinese cardholders will be able to view the
transaction and the competitive exchange rates in Chinese RMB
providing greater price certainty at the time of payment.
“It’s really convenient for me to use my Mastercard credit card
to pay tuition and know it’s taken care of, instead of dealing with
the headache of checks. Plastiq has the lowest fees out there, so
it’s my first choice when it comes to paying bills that typically
don’t let me use a credit card. I recommend Plastiq to anyone
who's coming to the U.S., especially for college.” Said Jeremy Liu,
24, of China, attending the California Institute of Technology.
According to the College Board, the average cost of tuition and
fees for the 2015–2016 school year was $32,405 at private colleges,
$9,410 for state residents at public colleges, and $23,893 for
out-of-state residents attending public universities.
About Mastercard
Mastercard, www.Mastercard.com, is a technology company in
the global payments industry. We operate the world’s fastest
payments processing network, connecting consumers, financial
institutions, merchants, governments and businesses in more than
210 countries and territories. Mastercard products and solutions
make everyday commerce activities – such as shopping, traveling,
running a business and managing finances – easier, more secure and
more efficient for everyone. Follow us on
Twitter @MastercardNews, join the discussion on
the Beyond the Transaction
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version on businesswire.com: http://www.businesswire.com/news/home/20160810005039/en/
Media:Beth Kitchener,
914-249-2058Beth.Kitchener@Mastercard.com
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