MasterCard International, a leader in innovation in the payments industry, announced the launch in Latin America of the MasterCard Teen Program, a MasterCard ElectronicÂ branded prepaid card designed specifically for the youth segment in Latin America. The program offers a fresh variety of new features, each customized to suit the needs and demands of the younger generation (between the age of 10 and 19), along with several options of innovative, brightly-colored card designs for the brand new card shape.
This new generation of prepaid cards was created to provide teens with the ability to exercise their independence and build financial responsibility. Parents can easily monitor their teenagers’ MasterCard Teen account via a user-friendly Internet interface, which allows them to see how much and where their kids are spending.
ÂAs an industry trailblazer, MasterCard is pleased to be the first to provide the youth of Latin America with the power to explore their individuality and learn how to manage their money responsibly,Â stated Jean Rozwadowski, President of MasterCard International for Latin America and the Caribbean.
For a teen to establish their own MasterCard Teen account, a parent’s consent must be obtained. The card is linked to the parent’s credit or checking account, which can be debited a fixed amount on a monthly basis, or deposits to the card can be made on an individual basis. Once the account is established, the teenager can receive deposits from other sources as well.
The teen can further personalize their card by down loading multiple new features from the Internet directly onto their card.
The MasterCard Teen Program also supports Internet ID software. With the available Internet ID chip reader connected to the teenager’s computer they will have the ability to access and store information and personalize their smart card with all their favorite sites, logins, and passwords. The Internet ID also allows for one-click access to previously stored websites, and for saving home and e-mail addresses. All the information stored on the chip is protected by a user-defined personal identification number (PIN).
With the launch of MasterCard Teen Program, MasterCard continues a long tradition of leadership in card innovations, including the industry’s first gold card program (1981), the first use of the laser hologram as an antifraud device (1983), the first bankcard with a tamper-resistant signature panel (1989), the world’s first truly global online debit program, MaestroÂ® (1991), the first to implement a virtual private network design, delivering faster response time and lower costs (1996), the world’s first migration from traditional credit cards to multiapplication chip cards using the MULTOSÂ operating system, with MYCAL Card Co. of Japan (1999), and the industry’s first to establish a U.S. rule of no liability for the consumer from the unauthorized use of payment cards (2000).
More information will soon be available on the MasterCard website regarding this program, exclusive promotions, and the member financial institutions that will offer this new card in each country.
For images of the MasterCard Teen card as well as additional MasterCard products, please visit the MasterCard website atDetails