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MasterCard targets Chinese overseas students with new card
Online Edition
GLOBAL payment company MasterCard today launched a tailor-made electronic travelers’ cheque for Chinese overseas students in cooperation with International Student Identity (ISIC) Association and Transforex (Hong Kong) Investment Consulting Co amid increasing demand for cross-boarder payment.
The ISIC MasterCard is the first product of its kind which eyes 100,000 issues by 2015 and 90 percent of coverage in overseas students in five years, according to Wang Junfeng, president of Transforex HK.
Chinese outbound students can claim their official student status with an ISIC MasterCard and withdraw money from over 1.9 million ATMs worldwide. Cardholders could have privileges such as a 5 percent reward offered by MasterCard and have access to over 42,000 discounts in education, restaurants, entertainment and other fields during overseas studies at the same time.
“Twenty percent of the international students are coming from China,” said Jason Tymms, Head of Prepaid for the Asia-Pacific Region with MasterCard. “It’s a perfect position for us to launch the card with ISIC.”
China Ministry of Education reported that Chinese outbound students exceeded 4.1 million in 2013, making the nation the world’s largest source of overseas students, especially for undergraduate courses. Students went for US undergraduate programs rose 10 times in recent 8 years to 93,768 and the number continues to grow.
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