Bahrain Islamic Bank (BisB) is empowering young shoppers with prepaid card accounts and NFC-enabled payment wearables that let parents monitor transactions. The Future Leaders service was created for kids between the ages of seven and 18 and BisB’s Dalal Al Qais says the service helps "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."
While it's easy for kids to tap the wearable strap on payment machines, parents benefit from notifications via SMS. Parents can also digitally issue allowances so that kids have more freedom and responsibility when it comes to making online transactions and paying for their own gaming subscriptions.
Kid-Friendly Payment Wearables
BisB's Band Lets Parents Oversee Youth Transactions
Trend Themes
1. Youth Payment Wearables - Creating NFC-enabled payment wearables for young shoppers is an opportunity for companies to tap into the youth market and promote financial literacy.
2. Parental Monitoring - Including features that allow parents to monitor their children's transactions is an opportunity for companies to appeal to safety-conscious parents and offer peace of mind.
3. Youth Financial Literacy - Creating services that help youth learn to manage their money can be positioned as an opportunity for companies to contribute to society by promoting financial literacy among future generations.
Industry Implications
1. Banking - BisB's Future Leaders service is an opportunity for banks to appeal to youth, encourage financial literacy, and create customer loyalty at an early age.
2. Wearables - Creating payment wearables that appeal to children is an opportunity for wearable manufacturers to tap into a new market segment and expand their offerings.
3. Online Gaming - Including features that allow for the payment of online gaming subscriptions and other purchases can be an opportunity for gaming companies to capture a younger audience with disposable income and cultivate brand loyalty at an early age.