MasterCard, Plastiq and Planet Payment have established an online payment platform, which allows MasterCard cardholders in China to use local credit and debit cards to pay US tuitions and other costs.
Developed specifically for Chinese students studying abroad, the site addresses international payment difficulties, including limited payment methods and currency exchange.
Contrary to other solutions, Plastiq processes cards and sends payments in forms already accepted by recipients.
Additionally, schools do not require opening a Plastiq account to accept card payments submitted through the service.
Planet Payment offers the conversion from RMB into USD in real-time, while Plastiq converts MasterCard credit and debit card payments into cheques or money orders.
The new service will also allow Chinese cardholders to view the transaction and the competitive exchange rates in Chinese RMB, thereby offering greater price certainty at the time of payment.
MasterCard executive vice president of US market development Linda Kirkpatrick said: “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.
“Our new alliance with these two companies supports the MasterCard objective of making payments smart, simple and safe.”