MANAMA: A cashless solution that allows children to make payments using wristbands or cards has been launched by Bahrain Islamic Bank (BisB).
The Sharia-compliant lender said the product called Future Leaders is aimed at encouraging youth to better manage their spending and learn financial management early on, while enabling parents to keep track of their children’s transactions.
The prepaid solution comes with an optional wristband that can be used with the bank’s mobile application or through the BisB website, providing for on-the-go cashless and cardless payments with parents getting an immediate SMS notification for each payment processed.
The account can be opened and activated by parents for children between the ages of seven and 18 years.
The solution will be online and NFC enabled, which can then be used to make purchases in stores as well as online.
Commenting, BisB chief of retail banking Dalal Al Qais said, “With the launch of Future Leaders, BisB is the first bank in Bahrain to introduce a wearable instrument for children to conduct their transactions.”
“We are providing a cashless, seamless and secure service, encouraging the youth of today to learn the art of managing their money, providing them with a greater sense of independence and responsibility and putting them on the path to financial acumen, under the supervision of their parents.
“Offering parents peace of mind, children can easily use the service to complete their daily transactions, be it paying for school fees, buying meals at the canteen, purchasing books or even shopping online,” she added.
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