Getting electronic spending capability into the hands of teens has always been tricky. Schlepping cash to a store to load a prepaid card or a virtual card for an online purchase isn’t convenient. BillMyParents took the direct route. They have web software for a kid to use for online shopping, the child fills up a BillMyParents cart, and then presents the cart to a parent for approval. Or disapproval. (Yes, I’m a parent). The parent doesn’t have to go to each website to find the item the kid wants; they’re all in the cart.
The firm now has a prepaid MasterCard for the teen market with reasonable fees. The trick for these niche prepaid applications is all in the marketing. Tying up with a skateboarding sports league is the kind of marketing partnership needed by prepaid program managers.
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