An Internet payment services startup has launched a supervised Visa card that allows students or employees to purchase goods from online or bricks and mortar stores.
Pocketcards - from the Lindenhurst, Illinois, company of the same name - are sponsored by a parent, guardian, or employer who sets up a virtual account with Pocketcard.
By using a secret personal identification number (Pin) the sponsor can choose the spending limit while payment is made to Pocketcard via the sponsor's bank account. The transfer is done in realtime, with funds available instantly using any touch tone phone or Web browser. The spending money is held in a trustfund at a third party bank.
The service is currently only available in the US but William Scheurer, Pocketcard founder, said he is keen to take it globally.
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