3V - The global electronic Payments specialists, have launched a customised Chip & PIN Pre-Pay Visa card and money management service for teenagers, introducing the first payment platform to offer comprehensive parental access and controls for the youth market.
After lengthy consultation with child protection groups in Ireland and the UK and building on 3V's award winning technology platform, it offers a unique combination of features and controls which translate the teen card concept introduced by Visa into the first secure and marketable product in the youth market.
This innovation in Payments technology is one of the first full-service youth programmes and is the most sophisticated in Europe today, with a range of mobile-integrated functions. The service is designed to leverage mobile phone penetration in the youth market, offering teens a broader 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 full account oversight and control of each card registered to that account.
3V's instant global Card-to-Card funds transfer service has been enhanced, so parents can make a one-step transfer to 'top up' their teen's card via web, Smartphone app or SMS. The card can also be topped up in retail outlets or online.
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 full 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.
The Youth card is uniquely designed to automaticallally transition customer's profiles over time, in tandem with customer lifecycle progression. Therefore once a teenager turns 18 years of age, they will be become the exclusive account holder and have merchant restrictions lifted on their card without the need to issue new plastic. While a cardholder turning 16 years, will be given the option of becoming an account holder, subject to parental approval and where the parent can continue to have view-access.
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.
Commenting on the launch of the new Youth card, Kieron Guilfoyle, CEO of 3V, said: "3V is focused on offering innovative Payments solutions that generate new revenue streams for our Mobile Operator customers. Our design team are constantly striving to converge new mobile and payment solutions with emerging market opportunities, as electronic payments increasingly replaces the use of cash."