3V LAUNCHES NEW VISA PRE-PAYMENT YOUTH CARD SERVICE
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 automatically 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.”