Teen Card

MFSL's Teen card is a card programme designed to help parents provide their teenage children with convenient, affordable and secure financial solutions. The Teen card usually comes bundled with the family card package and enables the parents to make regular transfers to their child's card and provide them with visibility and control over their children's spending and, in case of an emergency, provide funds to their teenager via a simple text message.

How Does it Work?

The parent acquires a teen card as part of a family card package. The teen card is given to the child, who can use it anywhere MasterCard is accepted, both in store and online. In addition, the teen can withdraw cash from an ATM. The teen card can be topped up via fund transfer from the parent card, either on demand via a simple SMS or through a recurring transfer (weekly or monthly), teaching the teenager how to budget at an early age and allowing him/her to make purchases online without directly involving his parents, yet giving the parents visibility into how the money is spent and control on how much the child is allowed to spend.