Global electronic payments specialist 3V has launched a customised chip and PIN pre-pay Visa card for teenagers. The new card is one of the first full-service youth programmes, with an emphasis on parental control.
Youth cards can be bought online or in stores by parents on behalf of their 13- to 17-year-olds, where the parent will remain the master account holder and maintains full control and oversight of each card registered to that account.
Using a master account to control view balances and transactions on multiple cards, parents can restrict access by merchant category so the card cannot be used for age-inappropriate goods and services like gambling or buying alcohol. Alerts can be set up for low balances or top ups and transfers. Cards can be updated from retail outlets, online, through a smartphone app or SMS from anywhere in the world.
Users 16 years and over will be given the option of becoming an account holder, subject to approval, although the parent can continue to have view-only access to transactions.
Established in 2004, 3V is based in Dublin with offices in the UK, Holland and US. It is currently working on a near field communications solution for mobile phones.
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