Typically underserved by the traditional payment schemes, Mint’s prepaid solutions offer the youth market a convenient, secure way to pay.
Mint offers a number of program solutions geared to the youth market from standalone prepaid card to ‘companion cards’ which augments existing credit card offerings and target dependents of current credit card customers in good standing.
Especially beneficial to youth, prepaid cards provide convenience and teach responsible spending and budgeting behaviors early on. For college age youth away from home, they can be used by parents who can re-load the prepaid cards with cash online, from their mobile phones, linked to their credit cards, and at a bank, reinforcing responsible management of budgets and spending, and allows parents to be in control and monitor spending. These cards can include a facility for the child to build credit history leading to one’s own credit account and qualify as soon as they are eligible.
Retailers can tailor a specific prepaid program to youth customers enabling youth to purchase a prepaid card and load cash on it when able, expanding sales and reaching a new consumer base.
Advantages:
Safer to carry than cash
Parents can control and monitor child’s spending
Easy to load
Gives youth the freedom to make decisions (and buy what they want) while teaching financial responsibility
Facilitates to build credit history and teach responsible spending behaviors early to last a lifetime
