Prepaid Cards to be Adopted for Schoolkids

Seems like Prepaid cards are finally hitting the mainstream and being noticed!  An exclusive school in the UK has decided to test out a scheme whereby all students use prepaid cards in order to pay during termtime.  Parents hold the primary card and their children are issued with a secondary card.  The primary card is loaded with funds which can then be accessed by the child. 

The idea behind the scheme is because in the past, children would arrive for term time with cash or cheques which needed to last for everything from small purchases to school trips.  They were difficult to monitor and school administration found it tricky to manage the system.  Now, children can pay for everything with ‘plastic’ and parents and teachers can keep tabs on where and how the money is being spent.

If a child comes into difficulty and needs funds, parents can transfer this within minutes – great for added safety.  The scheme is being tested out by the school before being adopted officially.  It is believed that if successful, other schools will follow and it may even reach the state sector. 

Kids may feel that they are being too closely watched by parents, who can view transactions online and control how much (or little!) money is being spent.  But the safety aspect of the system is very well supported.  For instance, it card carries chip and PIN technology and acceptance is extrememly wide as it is issued by MasterCard.  But as it is not a debit or credit card it does not allow for credit or going overdrawn.  A student stuck without money can call parents who can choose to load new funds on to the card quickly.

The new way to pay!  And it might be coming your way…

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