TORONTO – Touted as a quicker, secure, and simple way to pay for online purchases, the MuchMusic prepaid MasterCard launches nationwide today.
Plus, 10% of all net profit will go to War Child Canada, an independent charitable organization working to assist children affected by war.
Cardholders can monitor their transactions 24/7 through a secure online system and parents and legal guardians "can help teens manage their finances by being account holders for those aged 13-15," says the press release. The card can be topped up online or at an ATM, so loading it isn’t a hassle and teens don’t have to worry about carrying cash.
Anyone 16 or older can apply on their own. New cardholders get 10 free music downloads from MuchMusic.com and a 15% discount on all purchases made at the MuchStore (277 Queen St. W., www.muchstore.ca).
"Now teens have a direct means to make legitimate purchases online," said Maria Hale, vice-president content business development, CHUM Television, in a press release. "Music, gadgets, games and more: the MuchMusic Prepaid MasterCard gives them the freedom to shop on their own terms."
CHUM’s release says that there will be over 50 million of such cards in the U.S. by the end of 2008 and that shoppers will spend US$186 billion using the prepaid cards by then.
The initiative is a joint partnership with Mint Technology and is issued by GE Money Canada. "Much and Mint talked to hundreds of teens to get their help in designing the (card). We’ve worked to build a program that respects young peoples’ ability to make decisions while letting parents teach budgeting and responsible spending habits in a way that is actually cool with their teens," said Frank Maduri, president and CEO, Mint, a prepaid services solutions company.
www.muchmusic.com
www.warchild.ca
www.mintinc.com
www.mastercardworldwide.com
www.gemoney.ca
