Mastercard Incorporated MA recently teamed up with Flywire to provide discounted foreign exchange rates on cross-border tuition costs to students, when paid with Mastercard. The relief is aimed at helping students from UAE, Saudi Arabia, Qatar, Kuwait, Kenya and Ghana.
Students belonging to these locations who are part of any school across the globe, which accepts Flywire as a preferred payment method for international tuition fees, will be able to avail of this offer during the 2020 fall term. The tuition charges can be paid by students in their local currencies with the help of Mastercard credit or debit cards as the lowest cost card payment choice with Flywire.
Flywire is a vertical payments company and a provider of choice for students and educational institutions worldwide. Its technology and solutions enable organizations to offer safe and seamless payment experiences to students. This also helps curbing operational costs and simplifying reconciliation. Its services are backed by 24×7 multilingual support and a solid global payment network.
Rationale Behind the Deal
Mastercard has been making diligent efforts to allow people across the globe to enjoy comprehensive and fast payment methods. This deal will enable millions of parents and students conveniently pay their fees and at the most affordable rates. The company remains committed to enhancing its digital payment infrastructure so that more people can benefit from the same. Mastercard has been making significant progress in its digital strategy and continuously investing in technology. The company’s steady investments in innovation will keep it ahead in the dynamic payments industry.
Notably, Flywire will be able to gain traction from Mastercard’s wide network and secure payment options.
It recently collaborated with SBM Bank India to launch SBM World Debit Card, a premium and exclusive card. The card will be custom-built and offered to SBM Private Wealth customers on request.