Mastercard and Boston-based payments company, Flywire, are working together to make cross-border tuition payments easier and faster for students.

Why should we care?
International tuition payments are a growing pain point for students subject to pandemic-related restrictions, including some campus closures. The objective of the offering is to allow students from the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Kenya, and Ghana to easily make cross-border tuition payments in their own currencies with discounted exchange rates. “Offerings like this one to ensure a seamless digital payment experience while passing on valuable savings to reduce the cost of international education,” Mike Massaro, CEO of Flywire, said in a statement. The Mastercard and Flywire tie-up comes as cross-border payments gain strength during the pandemic, with startups in that space experiencing growth and funding boosts, including Veem, which raised $31M this month, Remitly, which raised $85M in June, and TransferWise, which picked up $292M in May.