Facecard , launched byedo Interactive and Mastercard, is a new prepaid debit and gift card aimed at Gen Ys and Millennials. Like other prepaid debit cards it appeals to parents who want to introduce their tweens and teens to spending freedom while also teaching them financial responsibility (with the benefit of protection: there is no possibility to rack up overdraw charges with a prepaid card). However, for this plugged in group, facecard's unique draw is its online social networking component.
Card members create a customizable profile on the facecard site which allows them to connect with other members and ultimately electronically send and receive funds from friends and family. Sharing money electronically definitely makes sense for a generation that loves to give virtual gifts on social networking sites such as Facebook (where gifts are icons meant to beautify the recipients profile page) and with whom microlending is a growing trend.
Crucial to connecting with young people today, facecard has a multiplatform approach that merges online, mobile and real world. Accounts can be managed via the website, by mobile phone or at the good ol' brick and mortar bank. When money is transferred to an account it is available within 15 minutes - that means that kids can call their parents from the mall and have money on their card before they leave the dressing room.