Thursday, May 29 14:02:06
A new Irish company, miDough, that lets teens take charge of their own finances and shop online, was launched today.
The online system, which is free, parent monitored and secure, provides a wallet for each user to manage their funds.
A miDough wallet enables a user to receive money from family or friends and to spend online with a virtual prepaid MasterCard for each transaction.
All transactions are governed by the controls which have been set by the wallet supervisor/parent.
Speaking at the recent launch, CEO Brian Silke said that the idea came from his own experience as a parent.
"With our own teenage children we struggled to manage and remember who wanted to buy what, when and where online. They did the browsing but payment was always a hassle for everyone. We couldn't find a solution so we decided to develop one. miDough is the only worldwide service of its kind. It is completely free and secure, so it not only gives parents peace of mind while their child is shopping online, it also encourages responsible teen spending and helps to teach kids about money management from an early age. With new retailers and users joining all the time, it's exciting times here at miDough," he said.
Participating online retailers include teen fashion favourites Forever 21, Urban Outfitters, Schuh, River Island, New Look and Boohoo.com; tech lovers hangouts Vodafone, Meteor, O2, Microsoft, PC World and Currys; along with popular stores such as Easons, Sports Direct and Elverys, with more joining every day.
Once set up a parent or approved family member can add money to the wallet bringing pocket money and money gifts from family and friends into the 21st century and all with parental supervision.