MasterCard and Trans­forex team up for stu­dents

Co­op­er­a­tion of­fers trav­eler’s checks to those head­ing over­seas for ed­u­ca­tion

China Daily (Canada) - - BUSINESS - ByWUYIYAO in Shang­hai wuyiyao@chi­

MasterCard Inc is of­fer­ing trav­eler’s checks for Chi­nese stu­dents headed abroad in co­op­er­a­tion with Trans­forex (Hong Kong) In­vest­ment Con­sult­ing Co Ltd and the In­ter­na­tional Stu­dent Iden­tity Card As­so­ci­a­tion, the United States- based card company said in Shang­hai on Tues­day.

More than 410,000 Chi­nese were study­ing abroad as of the end of last year, and the num­ber­may ex­ceed 1 mil­lion in the next few years, ac­cord­ing to theM­i­nistry of Ed­u­ca­tion.

The ISIC MasterCard will meet th­ese stu­dents’ cross­bor­der pay­ment needs and of­fer a business op­por­tu­nity, said Den­nis Chang, gen­eral man­ager in China for MasterCard.

“China has been the largest source coun­try of over­seas stu­dents for sev­eral years and they have a grow­ing de­mand for se­cure and con­ve­nient cross­bor­der pay­ments,” he said.

The card can iden­tify the holder as a stu­dent as well as be­ing a pay­ment tool, ac­cord­ing to the card’s of­fi­cial web­site.

Wang Jun­feng, pres­i­dent of Trans­forex, a sub­sidiary of HNATouris­mHold­ing (Group) Co Ltd, said the card is ac­cepted by MasterCard’s net­work in some 142 coun­tries and re­gions.

“We ex­pect that in 2015 we can is­sue 100,000 cards, and in five years more than 90 per­cent of Chi­nese out­bound stu­dents will use this MasterCard’s growth in pre­paid business in­Asia-Pa­cific, Mid­dle East andAfrica last year card,” said Wang.

MasterCard re­ported 40 per­cent growth in pre­paid business in the Asia-Pa­cific, Mid­dle East and Africa last year, and the China mar­ket pre­sented the big­gest growth op­por­tu­ni­ties, ac­cord­ing to MasterCard data.

“The pay­ment mar­ket has been see­ing in­creas­ingly fierce com­pe­ti­tion in China as the coun­try is set to open its bankcard clear­ing mar­ket”, saidMa Ning, an an­a­lyst at the Gold­man Sachs Group Inc.

For con­sumers and card­hold­ers, fierce com­pe­ti­tion may mean more ben­e­fits and priv­i­leges and bet­ter ser­vices, saidMa.

Ja­son Tymms, MasterCard’s head of pre­paid ser­vices for Asia, the Mid­dle East and Africa, said that China’s open­ing up of the bank-card clear­ing mar­ket will support growth in pre­paid business, and his di­vi­sion will seize the op­por­tu­nity.

Zhang Li, gen­eral man­ager of ISIC China’s op­er­a­tions, said that stu­dents’ pay­ments may in­volve many in­dus­tries in­clud­ing ed­u­ca­tion, tourism and re­tail.

With more over­seas stu­dents com­ing to China, there are new op­por­tu­ni­ties in pay­ments mar­ket for fi­nan­cial in­sti­tu­tions and mer­chants, Zhang added.

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