Mastercard Lends A Hand To Chinese Students

1882This back to school season, Chinese students are getting some help from Mastercard, thanks to a program called Plastiq.

Plastiq lets cardholders use local credit and debit cards to pay their school tuition in the United States, and is the first online payment service of its kind. It was created to help Chinese students studying overseas, who might be struggling with issues such as limited payment methods, currency exchange, and other obstacles that come with the territory when away from home.

China sends many students overseas for school; the country represents 31 percent of the total amount of international students in the United States. India sits at number two, comprising 14 percent of the international student population, and South Korea is in third place with seven percent.
Paying for tuition is one of the worst headaches for students – and the bill is getting more expensive all the time. 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, according to a recent College Board study.

“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,” Mastercard executive VP Linda Kirkpatrick said in a statement. “Our new alliance with these two companies supports the Mastercard objective of making payments smart, simple and safe.”

The other company Kirkpatrick referred to was Planet Payment, which is the third partner in this venture. Planet Payment is behind the currency conversion part of the transaction, while Plastiq provides the technology. Mastercard credit and debit card payments are converted into checks or money orders with the new service.
Eliot Buchanan, co-founder and CEO of Plastiq, touted the importance of making it easier of students to pay for school, no matter where they hail from. “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,” Buchanan. “With Plastiq, even if a school doesn’t accept credit cards, you can still use your Mastercard card to pay the tuition.”

Students also raved about the new service. “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,” said Jeremy Liu, a Chinese student who attends the California Institute of Technology. “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.”

Leave a Reply

*

1 YEAR
CERTIFICATE OF DEPOSIT

Account Type:

Select Amount:

Select term:

ONLINE SAVINGS ACCOUNT

  • No minimum balance
  • Competitive rates, No risk

MONEY MARKET ACCOUNT

  • High rates, Access to money
  • FDIC Insured