•   
  •   

MoneyKids' banking in the age of contactless payments

04:45  18 july  2019
04:45  18 july  2019 Source:   msn.com

How you could be owed BIG money: Major Australian bank is ordered to pay tens of millions of dollars to its customers who were hit with incorrect charges

How you could be owed BIG money: Major Australian bank is ordered to pay tens of millions of dollars to its customers who were hit with incorrect charges The error left many customers continuing to pay interest only loans long after the agreed upon period when they should have been switched over to a principal and interest loan.

The full bundle includes a personalised Mastercard and a wearable for contactless payments . “There's a huge number of kids in today's society that don't have much financial literacy, they're growing up in a place where they don't see as much in terms of cash transactions.

mediabest July 17, 2019 age banking Co. in Kids of the. I can’t remember the last time I used money, as in actual notes and coins, to purchase something. Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile

Kids' banking in the age of contactless payments© Supplied The full bundle includes a personalised Mastercard and a wearable for contactless payments.

I can’t remember the last time I used money, as in actual notes and coins, to purchase something. I’ve become the kind of person who will walk out of a bakery if I see a “cash only” sign on the wall; if I can’t buy something with my watch, I’m probably not going to buy it.

Even those awful rides and lolly machines in shopping malls support NFC these days, so the old excuse that “daddy didn’t bring any dollars” no longer works with my three-year-old.

Meeting the demand to bring pocket money into a cashless society is Zaap, a new service that bundles together a prepaid mastercard, wearable NFC band and smartphone app; so any child can tap and pay for their babycino.

NAB share price on watch due to potential $100 million class action

NAB share price on watch due to potential $100 million class action The National Australia Bank Ltd (ASX:NAB) share price could come under pressure today after IMF Bentham Ltd (ASX:IMF) announced plans to launch a class action with William Roberts Lawyers against the bank’s MLC Super Fund trustee company, NULIS Nominees. require(["inlineoutstreamAd", "c.

Parents are always in charge and can either transfer one off payments or set up an allowance. They can also load backup money to a card, hidden from their children, that can be instantly transferred in the case of emergencies. And lost or stolen cards can be immediately disabled via the app.

Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification

“There's a huge number of kids in today's society that don't have much financial literacy, they're growing up in a place where they don't see as much in terms of cash transactions. So how do we teach them about money and saving? [Zaap is] a way that the parents can provide pocket money to their children, and still have peace of mind that it’s safe, and they can see what kids are spending their money on,” says Tina Micali from Zenith Payments.

There is nothing technically groundbreaking on offer; prepaid debit cards are available at most supermarkets and post offices, a few of the major banks have offered their own NFC bracelets in the past and, of course, every bank has its own smartphone app. But Zaap is more than the sum of its parts, and setting up an account is full of charming little details that shows the company has really thought about the service as a whole, making it fun for kids and painless for parents.

Trump blasts Bitcoin, Facebook's Libra, demands they face banking regulations

Trump blasts Bitcoin, Facebook's Libra, demands they face banking regulations Trump blasts Bitcoin, Facebook's Libra, demands they face banking regulations

Contactless and Mobile Payments – Make easy and secure payments in seconds. Mobile Payments refers to payment services that can be performed using For more information on how to keep track of the balance on your bank account, please see Keeping Track of Your Transactions in the Help and

Most banks offer contactless payment cards and terminals that are fully equipped for the system. These cards come with a symbol indicating they are ready for tap payment . Although smaller shops may not offer tap capabilities, many national chains have moved to tap capable payment terminals.

The full kit ships in a cute little box that opens up like a present, both ends popping out to reveal the card and NFC components. Parents are always in charge and can either transfer one off payments or set up an allowance. They can also load backup money to a card, hidden from their children, that can be instantly transferred in the case of emergencies. And lost or stolen cards can be immediately disabled via the app.

If your child has their own device, they can track their spending and set savings goals within the app, all within a colourful and easy to navigate user interface.

Getting into the service will cost between $9.95 and $40, depending on whether you just order a prepaid card or the full bundle which includes a personalised card, a rubber NFC bracelet that looks like a wafer thin Fitbit and a “Keeper”; a tiny little rubber nubbin that can attach the NFC chip to a child’s current watch or Fitbit so they don’t need to wear two bands.

Bank CEO pay on the rise again with NAB's McEwan in line for $9.5m

Bank CEO pay on the rise again with NAB's McEwan in line for $9.5m Ross McEwan will be paid a base salary of $2.5 million, and incentives could see his total remuneration reach $9.5 million. Mr McEwan will be earning more than his predecessor, Andrew Thorburn, whose base pay was $2.3 million last year and total remuneration was below $8 million after two consecutive years of decreases. It means the new NAB boss will be the first among the current crop of big four bank chief executives to earn more than his predecessor. In comparison,  Brian Hartzer total renumeration is $7.1 million, ANZ's Shayne Elliott $7.3 million and CBA's Matt Comyn $8.36 million.

Banks appear to be keeping some contactless payments more expensive than they need to be for retailers, raising questions about the extent of competition. But across the 0 billion in debit card payments a year in the economy, it adds up to hundreds of millions of dollars in extra fees going to

Banks and card networks are even willing to promise that any fraudulent, contactless transactions are refunded to the card owner, because the One thing is clear: contactless payments have taken the UK by storm. 2018 was a year of regular news about how cash use is diminishing while contactless

My own child is still a bit too young to understand the concept of an allowance, but when the time comes I’ll want a prepaid debit card for NFC and online purchases. The added bonus of a simple app with savings goals and a cheap and cheerful wearable that she can lose without too much pain means I’ll be choosing something like Zaap. This feels like the modern equivalent of the children’s passbook I used when I was a child.

Pictures: 29 surprising facts about the world's money

Kids' banking in the age of contactless payments
Read more

WhatsApp to launch digital payments service in India.
Messaging giant WhatsApp plans to launch its first payment service this year in India, its biggest market with 400 million users, the company said Friday. "We can't wait to provide this service to our users across India this year," he added. India would be the first country to get WhatsApp payments, but Cathcart did not say whether the authorities have given final approval. He said such services were critical to accelerating financial inclusion in India and bringing millions more into the country's fast-growing digital economy.

—   Share news in the SOC. Networks

Topical videos:

usr: 3
This is interesting!