Visa launches prepaid cash cards for kids

By Mozo ·

Visa has launched a special cash and identification card aimed at children as young as 12 in the UK and financial experts believe it is only a matter of time before it is released across Australia.

The prepaid cards display the individual's date of birth and photograph and also allow their parents to load money on to them, the News Limited Network reports.

Youngsters under the age of 16 must get their parent's consent when applying for one of the products and they can also monitor what their children are spending their cash on.

This has the potential to be a great way of teaching Aussies the importance of using credit cards in a sensible way from a young age.

With the country sitting on a credit card debt in the region of $36 billion, it seems many people are too reckless when they get their hands on a piece of plastic.

Strategic research firm RFi's director Alan Shields told the news provider: "It seems very sensible and it's not pushing credit on to younger people."

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