Dublin-based payments technology vendor Orbiscom has released ControlPay, a solution that allows master cardholders to set spending limits and monitor accounts across shared family credit cards.
ControlPay is aimed at families who share credit cards from a single account and allows the primary cardholder to establish controls, such as spending limits, and monitor authorised users.
Account holders determine how much cash each cardholder has access to and where the credit line can be used. Other controls are also available at the transaction level, including maximum spend per transaction and expiration date.
Each cardholder is assigned a unique credit card number, allowing single cards to be replaced if lost or stolen, instead of having to replace the whole set. Cardholders will also receive individual monthly statements.
The system operates on Orbiscom's Controlled Payment Platform, which integrates account holder enrollment, user registration, user controls management, reporting and monitoring.
Orbiscom says ControlPay will enable card issuers to drive increased card usage among families with teenagers. Diane Shaib, EVP, sales and marketing, Orbiscom, adds: "The solution enables issuers who want to focus on generating increased revenue from existing customers to reach a new and attractive market segment.
"ControlPay provides issuers with access to a new generation of card users and offers reduced costs to replacing lost or stolen cards."
The solution is compliant with all card brands and also supports MasterCard's new family account programme.
Orbiscom says ControlPay is available as a hosted service or can be installed at the card issuer.