Prepaid card program rolls out for students
By UK CreditCards.com
Published: 18 August 2009
An innovative new link-up between MasterCard and a private school could help promote financial responsibility among youngsters, if successful.
Wellington College has joined forces with Freedom 4 Schools, a project run by the credit card firm, in order to provide a payments solution for students and their parents.
The system works by providing pairs of cards, each with different functions, the Independent reported. Parents load funds onto their credit cards, which then transfers the money to the specially designed prepaid cards held by their children.
This functions as an alternative to the previous ways of giving boarders spending money such as cash and cheques, which can often be lost. Parents also retain the option to monitor their children's spending on a special website.
Commenting on the scheme, Tessa Hardy from Freedom 4 Schools suggested that a nationwide rollout could be on the cards. "There is also nothing to stop this from being adopted in the state sector," she told the newspaper.
The new scheme begins in September.
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