Mastercard launches safer payments guide for children
Child & Youth Finance International (CYFI) and Mastercard have released a guide on banking and payment products for minors.
The “Safer Payment Products for Minors” guide offers recommended practices on how financial service providers (FSPs) can develop age-appropriate payment products for minors; promoting responsible spending and financial decision-making.
Walt Macnee, vice-chairman Mastercard, says: “Today’s minors are the adults of tomorrow. As they grow up, we need to ensure that they are prepared to fully participate in the formal and increasingly digital economy. By ensuring that the tools and products that they are given are age-appropriate, we contribute to that preparation.”
Child & Youth Finance International (CYFI) is an NGO based in Amsterdam. It was launched in April 2012; and has expanded to 139 countries worldwide.
Image source: Mastercard and CYFI
