Version 2.0 of the online teen payment solutions website BillMyParents has been released.

BillMyParents, the online payment system developed by US e-commerce payments services provider Socialwise, has upgraded its previous capabilities and has also added a MasterCard prepaid card payment service that can be used for purchases everywhere MasterCard is accepted.

Via the system, teenagers can shop using BillMyParents instead of their credit cards and send purchase requests to parents. The latter are notified of the product which is about to be purchased by email or mobile text, via an automated system. In case they approve the purchase, the parents must enter the credit card information after which the BillMyParents system completes the transaction. Neither the teenager nor the merchant will gain access to the credit card details or other personal information. The system offers parents the ability to instantly freeze and unfreeze a card and the ability to transfer emergency funds to a teen's card.