Mobile payment application designed for smartphones (Vipps) to launch solution for children

VipsViips.Photo: Norway Today Media

A mobile payment application designed for smartphones (Vipps) is launching a scheme for children aged between seven and fifteen years of age to have their own bank account and bank card.

The Forbrukerombudet (Consumer Ombudsman) will consider the feasibility of the service.

In the first version of the card and VIPPS for children, which is planned for launch during the summer, the developers have put a limit on transfers of 20,000 per year. Children can receive money up to three times a day.

‘We then take a review of what parents think is a good age limit for their child to be allowed money transfers. Now BankID is considering lowering the age limit to 13 years, so the customer can raise the limits themselves’, explained the Business Development Manager, Ina Østensjø of Vipps to NTB news agency.

The Consumer Ombudsman told NTB that children should not take control of their own bank funds.

‘We will look into NTB’s scheme. Basically, it is possible to provide electronic payment services for children. But there are very strict rules for the payment threshold for children, and the scheme must be safe, and provide well for parental control’, said technical director, Jo Torkel Gjedrem, of the Consumer Ombudsman.

Vipps solution for children is to be launched under the auspices of DNB bank, but they’re working on a solution that will allow customers in other Norwegian banks to use the service.

Vipps has hitherto been a part of the DNB Group, but on Monday it was announced that some 100 Norwegian bankers have become owners of Vipps together with DNB.


Source: NTB scanpix / Norway Today