PYMNTS-MonitorEdge-May-2024

Mastercard Enables Faster US Tuition Payments

Mastercard enables US tuition payments for Chinese students

The network’s cardholders in China will now have a new way to pay for tuition and other costs in the U.S. using their Mastercard issued credit and debit cards.

Mastercard announced today (Aug. 10) the availability of the online payment service found at www.plastiq.com/mcuni, which will allow Chinese students studying abroad to overcome international payment challenges when it comes to their education in the U.S.

In many cases, schools in the U.S. only accept payments via check or electronic bank transfer, creating barriers for students from overseas who typically deal with limited payment methods and currency exchange requirements. In an effort to help ease these complexities, Mastercard is teaming up with Plastiq, an online payment service company, to provide an online site for its cardholders where these educational payments can be processed and sent directly to the intended schools.

According to recent data, China represents 31 percent of the total number of international students coming to the U.S. to pursue their education, making them a top segment to deliver a cross-border tuition payment solution to.

“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,” Linda Kirkpatrick, EVP of U.S. market development for Mastercard, said in a press release.

“Our new alliance with these two companies supports the Mastercard objective of making payments smart, simple and safe,” Kirkpatrick continued.

Planet Payment, a provider of global currency payments, also collaborated with Mastercard and Plastiq and will handle the conversion from RMB to USD in real-time. Plastiq itself will enable the technology that converts the Mastercard credit and debit card payments into checks or money orders that can then be accepted by the schools in the U.S.

“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,” explained 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.”

PYMNTS-MonitorEdge-May-2024