These problems may do more than cause friction in the family; they can put the family credit at risk if a card number is stolen or a card is misplaced.
A simple solution: Prepaid credit cards with unique one-time-use numbers distinct from a family’s debit card number and bank account.
One example of the latest in prepaid card technology is MovoCoin.
Users of the MOVO e-wallet app can create digital prepaid cards on the spot in exact denominations for specific purchases. MovoCoin was developed by MovoCash, a financial technology company that offers an all-in-one app and platform for safely sending and spending money.
Individuals with a MOVO account can create a MovoCoin that functions as a single-use Visa card for a specific amount for a fee of 50 cents per MovoCoin.
Users can create MovoCoins for a variety of uses, including managing bills, shopping online, placing food orders, and paying ride-sharing services.
MovoCoin can also be used for everyday transactions, such as buying gas or groceries to protect access to a permanent debit card.
Each MovoCoin has its own identification number and provides not only instant value, but also an extra layer of security, because the permanent card number is never shared in a transaction.
If a MovoCoin number is stolen, it is worthless, and has no impact on a permanent MovoCash account balance or permanent card number.
To generate a MovoCoin, users of the app select the Movo account, then choose the MovoCoin option, entering the desired dollar amount for a purchase, bill payment or other transaction.
The unique MovoCoin number is generated and the transaction occurs with no link to the user’s primary account information.
The MOVO Prepaid Visa Card is issued by Metropolitan Commercial Bank (Member FDIC), pursuant to a license from Visa U.S.A. Inc. “Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank 2014.
To get started with MovoCash’s secure e-wallet app, visit https://movo.cash.