Customers of Bahrain Islamic Bank (BisB) can now open a prepaid card account that enables their children to make contactless in-store payments with an NFC-enabled wristband and allows parents to digitally issue allowances and monitor transactions.
BisB’s Future Leaders service is available for children aged between seven and 18 and “allows kids to conduct transactions by simply tapping their NFC-enabled wristband,” the bank explains.
“When kids tap the strap on any payment machine, parents can track it through getting a notification through SMS.
“It also includes an optional prepaid card which kids can use to make online transactions and pay for gaming subscriptions.”
By introducing the service, the bank aims to encourage “the youth of today to learn the art of managing their money, providing them with a greater sense of independence and responsibility, and putting them on the path to financial acumen, under the supervision of their parents,” says BisB’s Dalal Al Qais.
“Offering parents peace of mind, kids can easily use the service to complete their daily transactions, be it paying for school fees, buying meals at the canteen, purchasing books or even shopping online.”