Friday January 25, 2008
Children can soon go cashless with debit card
KUALA LUMPUR: A few weeks from now, children as young as 12 will be able to swipe a debit card and leave their cash at home.
Tune Money Sdn Bhd chief executive officer Tengku Zafrul Aziz said applications for the prepaid Visa Tune Card would be made available for children aged 12 to 18 years.
The Tune Card is a debit card that gives instant online approval with no credit check and allows for cash withdrawals at ATMs worldwide. The annual fee is RM9.99.
Currently, credit cards are allowed only for those aged 18 and above.
Tengku Zafrul said: “Children can buy things for themselves and it will be easier for parents to transfer money to their children. They won’t have to give them so much cash.
“This way, parents will be able to easily monitor and control their children’s spending, as every transaction will be recorded.”
“We believe there is a niche market, especially for parents who have teenage children studying overseas,” he said.
The complete details on the Tune Card for teenagers will be announced on Feb 1.
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