Dublin-based 3V has partnered with Visa to create a Visa Prepaid card with parental controls for U.K. customers.
When the so-called “youth card” is purchased, parents are recognized as Master Account holders for their children’s cards. 3V then offers the opportunity to apply spending restrictions according to product category, like alcohol purchases. Parents can load the card with funds via the web, a smartphone app, or through SMS, according to Finextra.
The card also keeps track of the child’s age, automatically removing restrictions at certain milestones. When the user turns 18, all restrictions are lifted and primary responsibility is shifted to the young person, without the need for a new card.
Kieron Guilfoyle is the CEO at 3V.
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