Socialwise (OTC.BB:SCLW) announced the release of version 2.0 of its online teen payment solutions site, BillMyParents.
BillMyParents has significantly upgraded its previous capabilities giving teens the freedom to shop online (subject to parent-directed controls) and has added a MasterCard prepaid card payment solution that can be used for purchases everywhere MasterCard is accepted. In addition to removing obstacles to online commerce (cited by 40% of teens surveyed), BillMyParents' prepaid card solution removes the hazards associated with carrying cash. BillMyParents also maintains parents' credit card numbers and other personal information securely, and offers the following unique advantages:
-- Complete parental visibility of teen account activity through immediate text notification of card purchase activity;
-- Parental ability to instantly freeze and unfreeze a card;
-- Low card-related costs including no purchase transaction fees; and
-- Parental ability to transfer emergency funds in real time to a teen's card.
James Collas, CEO of Socialwise, commented, "With the addition of the MasterCard prepaid card feature to BillMyParents, we have rounded out our capabilities to extend our teen payment and parental control system to both online and offline purchases. In addition to the significant upgrades to our existing online Supervised Shopping solution, we are excited to give families heretofore unavailable financial control solutions that enhance security and promote responsible teen financial behavior."
Mr. Collas continued, "Recently enacted credit card legislation exposes parents to potentially substantial liabilities incurred by cardholders under the age of 21. Our newly added MasterCard prepaid card solution eliminates this danger with the control it gives to the parent over card activity. Combined with ridding the cardholder of the risks inherent in carrying cash and the elimination of overdraft fees, we have a first-rate teen financial security solution to bring to market."