BillMyParents & MasterCard Teach Teens Finances
BillMyParents and MasterCard have teamed up to target the parents of teenage consumers in a new campaign designed to educate parents in prepaid cards for teens.
The campaign has been running across social networking sites and online media outlets in an attempt to teach the parents of teens about the real time tracking capabilities of the reloadable BillMyParents SpendSmart MasterCard prepaid card. The campaign also made use of a national sweepstakes promotion and card rewards designed to promote brand awareness.
Shekhar Sahgal, vice president of U.S. Prepaid products for MasterCard said,
BillMyParents stands out in the prepaid card space with what theyre doing for families with teens. MasterCard prepaid cards help parents and their teens enjoy the safety and convenience of electronic payments versus cash, while teaching them financial responsibility.
The BillMyParents Prepaid MasterCard is being marketed towards parents with the main message being that parents have the opportunity to manage their teens spending safely and efficiently with little fuss. Text alerts can be customized to alert parents of every transaction, or only those over a certain amount.
Funds can be reloaded to the card immediately via text message, online or via an iPhone application. This makes sending a teen money to get home in an emergency very easy. Other family members are also able to contribute to the card for birthday or Christmas gifts if they would like.
This is an incredible opportunity for us to leverage one of the most recognizable marketing programs in the world, said Evan Jones, vice president of marketing for BillMyParents.
It is immensely gratifying that, like us, MasterCard recognizes and believes in the vast growth potential for prepaid cards, including in the teen market. This digital campaign is the perfect way to express how strongly we feel that what we are providing to families IS priceless.
The card also offers some generous incentives centered around entertainment which can be enjoyed by the whole family. This includes free movie tickets, sweepstakes entry and a rewards program which kicks in when there is recurrent use of the card. The BillMyParents prepaid card is issued by University National Bank with a license provided by MasterCard.
It is hoped that the card can be put to good use teaching teenagers how to manage their spending and budget for the month ahead. This is an essential skill which they will be able to put to good use in adult life. Parents can track their teens spending habits and offer advice about which choices were good or bad.
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