After consultation with child protection groups in Ireland and the UK and building on 3V’s technology platform, it offers a combination of features and controls which translate the teen card concept introduced by Visa into a product targeted specifically at the youth market.
The programme includes a range of mobile-integrated functions. The service is designed to leverage mobile phone penetration in the youth market, offering teens a range of services as mobile and payment services start to converge.
Youth cards can be bought online or in stores by parents on behalf of their teens (13-17 years), where the parent will remain the master account holder and maintains account oversight and control of each card registered to that account.
Control features include spending restrictions by merchant category so the card cannot be used for age-inappropriate goods and services-for example, gambling or alcohol. Parents can control multiple cards from their own master account. For each card parents can view balances and transactions, change account settings, set up customised SMS or email alerts for low balances or top ups and transfers, and refund funds off cards. They can also invite a second parent or guardian to register to have view-only oversight of each card individually or all cards.
The card has chip and PIN functionality for transactions at all points of sale accepting Visa as well as online for ‘card-not-present’ transactions, subject to merchant restrictions.
Notification alerts (SMS, emails, or letters) are issued to the parent or guardian highlighting changes on the account to ensure there is no unauthorised access or use.
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