Young people in Bulgaria do not want to pay in cash. Bank cards, which established order in the world of several other generations, are also not the latest fashion statement for teenagers. However, digital maps are a very modern product that has already become fashionable among the youth. With a tap of the smartphone to a POS terminal enabling contactless payments, your teen can pay according to limits approved by the parent.
What are digital cards?
The digital card is a new type of bank card with which you can make payments through your mobile phone, without physically using your familiar plastic. The innovative product was introduced to the Bulgarian market by Fibank (First Investment Bank).Paying with the digital card is fast – just by bringing a mobile phone close to a POS terminal for contactless payments.
Digital cards are issued as additional to an already existing Fibank debit card account. With cards for teenagers (14-18 years) Debit Mastercard PayPass Teen from Fibank, limits and operations are limited according to the wishes of a parent/guardian.
How to pay via mobile phone?
Every Debit Mastercard PayPass Teen holder can pay at a POS terminal through their mobile phone, supporting NFC and with a licensed Android operating system (not older than version 4.4). Thus, with just one touch of the phone, young people can freely from anywhere in the world shop in a sufficiently modern way.
Does your grown child need a Debit Mastercard PayPass Teen digital card?
First Investment Bank research conducted among parents of teenagers shows their positive attitude towards issuing a digital card in the child's name.58% of parents say they would issue a digital card, and among the main reasons, in addition to security, they cite the fact that it's convenient: "My child always carries his phone with him."
In order to meet the needs and expectations of its customers, Fibank introduced changes regarding Debit Mastercard PayPass Teen debit cards. With the consent of a parent/guardian, teenagers can now digitize their cards by requesting access with limited active rights in the My Fibank - "Light" mobile application. The range of cards has now been expanded and online payments are possible within pre-approved limits.
Surveys show that using banking products from an early age helps children's financial education and prepares them to properly allocate their own budget in the future.