Safer Payment Products for Minors

Organization/Affiliation(s): 
Child & Youth Finance International (CYFI)
Publication Date: 
2017

This guide has been developed for leading national and international financial institutions that are, or are considering, developing financial payment products for minors. It is intended to help decision makers and product owners understand some of the responsibilities and risks associated with this market.

This guide provides recommended practices for developing safe banking and payment products that support minors’ rights whilst protecting them from age-inappropriate content. Financial Service Providers should treat minors with respect and not discriminate based on economic, social,
cultural or religious situation, gender, age or ability.
 
The guide does not offer specific age-related advice as the levels of financial sophistication within each age group varies widely. Instead it advocates that financial access and independence increase as a minor’s capability and understanding grows. An important aspect of this is to encourage and support an ongoing financial dialogue between parent and minor. The aim of this dialogue would be to continuously move the minor to the next stage of financial capability and re-assess what payment types and channels the minor could access. The end objective is that, through parental and Financial Service Provider’s guidance, a minor is empowered to fully manage their own payment products and money.
 
The practices outlined in this guide are recommendations and should be carefully considered when building secure and thoughtful products for minors.
 
Read the full report here.
Topic: 
Financial Inclusion
Regions: 
Global
Tags: 
Financial Capability
Savings