Vericash Launches A New Service for Family Payments on Its Platform
Kids and teens can have their own mobile payment app to send money or pay bills from their parents designated digital accounts!
VERICASH has recently launched an innovative new service, by many considered a crucial one, its Family Payments service! This is a feature recently launched on the VERICASH Digital Financial Platform that will be available to all its customers across the Middle East & African region.
This feature will allow parent customers to create direct sub-accounts linked to their accounts that would allow all family members, such as a spouse or their children, through these sub-accounts, to conduct digital payments rather than using cash at any number of retail stores within the different communities they interact with. The main account holder would be able to have full control over the permissions, amounts, and limits to be spent and paid per transaction or within a specified timeframe. This is just one example, which considering these challenging times we live in, this could prove to be extremely useful and come in handy to limit direct human interactions and the handling of cash amongst family members and cover all basic routine transactions remotely and digitally.
The main account owner can easily add family members to their digital account (whether under a mobile banking app or a mobile money wallet app) to allow each of them to download the app and enroll under their main parent account. Once enrolled, their children (or other direct family members) can view their allowance limits on the app and can make payment transactions that are approved by parents. Amongst other many tools that are provided for parents, or the main account holder, to monitor and control family payments.
Thew new service would be expected to roll out in the coming months in addition to those currently live.