PURCHASE, N.Y.–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 payment challenges, including limited payment methods and currency exchange, according to MasterCard. The company said 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, MasterCard said.
MasterCard reported it 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, in a statement. “Our new alliance with these two companies supports the MasterCard objective of making payments smart, simple and safe.”
MasterCard, Plastiq and Planet Payment, a 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.