Pocket Money in the Digital Age
More Belarusian parents start giving their children pocket money on a bank card, the press service of the national payment system Belkart told the Economy of Belarus Magazine.
The first cards for children (aged from 6 to 18) were issued in Belarus a few years ago, and have been gaining momentum since then. Currently, children’s cards (of the payment systems Belkart, Visa and Mastercard) are issued by seven Belarusian banks: Belarusbank, Belagroprombank, Belinvestbank, Alfa Bank, Technobank, BSB Bank and RRBBank.
Belkart children’s cards accounted for 85.9% of the total children’s cards in Belarus as of 1 April 2016. As of the same date, the national payment system issued 23,000 such cards, up 14% from 1 April 2015.
“Belkart children’s cards are issued as an additional card to the parents’ cards and have a special sign in the form of a kid’s palm, the press service of the Belkart payment system said. The card provides children aged 6 to 18 with the possibility to make cashless payments. Automated SMS will inform parents on every transaction conducted with their children’s card. It is easy to transfer any sum of money to the card. In case with cash, it is always much more difficult to control your children’s spending,” the press service of the payment system said.
Not long ago, Belkart and Belarusbank came up with a new payment device for school children called Student’s Card. It can be used as a bank card, a free public transport ticket, a pass card for the school electronic access system, and also as a library card. Student’s Cards are issued for Minsk schools equipped with the electronic access system.