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Credit card payment technology for teenagers launched

Lack of credit card was the reason cited by 40% of teenagers in a US study for not buying online.

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19 May 2009

Credit card payment technology for teenagers launched”

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According to the Harris Interactive YouthPulse Survey, over a third of the money spent by youth in the US is researched first online.

To deal with this issue, an online payment system has been launched in the states called BillMyParents.

It gives young people the freedom to make purchases online which are vetted by their parents.

By pressing a BillMyParents button at the point of sale, an email or text is sent immediately to the parent, notifying them that their child has made a purchase which they can then verify.

Chief executive James Collas said: "The online teen spending market is hugely underserved and BillMyParents is uniquely poised to tap into the desire for teens to be able to shop online, while still letting parents maintain control in a safe and secure environment."

According to the British Bankers' Association, at the end of March this year there were 67.2 million credit cards in issue in the UK.

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16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
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17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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