Parents and guardians in Bahrain can now oversee their children’s transactions
The Bahrain Islamic Bank (BisB) offers prepaid cards for their customers where kids can make contactless remittances. The prepaid cards will use a wristband that is NFC-enabled, allowing parents to monitor purchases and digitally give allowances.
The bank’s Future Leaders service can be accessed by kids between the ages of 7 and 18 years. To complete a transaction, children will just tap the NFC-enabled wristband. Parents will then track the transaction via an SMS notification. The card can also be used to pay for online purchases and even online subscriptions.
The service aims at instilling money management tips to the kids, ensuring they get a sense of responsibility when it comes to money as well as enabling them to make good financial decisions. The service will also offer parents peace of mind as it can be used to remit school fees and even buy meals.
We’ve reported that people over 45 and unemployed face career challenges and ageism.