Global payment company MasterCard has launched a new card tailor-made for Chinese overseas students.
The card will allow its cardholders a 5 percent reward as well as access to discounts on 42-thousand different items related to education, restaurants, entertainment and other fields.
The card will be launched in cooperation with the International Student Identity Association.
MasterCard says it eyes 100-thousand issues of the new card next year and 90 percent coverage of all overseas students in five years.
China Ministry of Education reported that Chinese outbound students exceeded 4 million last year.
MasterCard's move follows the announcement by Chinese authorities in October to open the country's bank card sector to foreign players.
Though details of that opening up have yet to be released, observers do expect fierce competition in the Chinese bank card business, which currently is monopolized by China's UnionPay cards.
For a further look at the issue, we're now joined live by Cao Can, CRI's financial commentator.
