Mastercard and LikeCard Partner to Launch Family Banking Solution for Improved Spending Management
Dubai, UAE: Mastercard has joined forces with LikeCard, a leading marketplace for e-commerce prepaid cards across the Middle East and North Africa (MENA), to launch a new family banking product. This new product is believed to help improve the financial knowledge, and therefore the spending behaviour and overall money management of families in the region.
The new age digital banking solution offers simple, fast and secure methods of taking care of families’ money through a mobile application. The platform, which uses AI to its full capacity, enables parents to track family spending, set limits and help their children to learn how to handle money. Children are encouraged to learn about financial matters and gain knowledge and skills through game-based activities and reinforcement.
"In Financial literacy is critical for people’s economic asset." Said Muhammad Nana, Senior Vice President, Digital Partnerships and Enablers, Mastercard EEMEA. "With our partnership with LikeCard, we are providing families in MENA with the resources and education that are needed to navigate the digital financial world. This solution is intended to encourage positive financial behaviour in the long run, especially in young digital natives.’
The platform has an ‘Earn, Spend and Save’ function where children can earn rewards for doing chores, have their own savings goals and how to handle money wisely.
"As the company that invented LikeCard, our mission is to provide products that enable everyone to navigate and access financial services effortlessly." Said Ammar Alsoos, the CEO of LikeCard. With Mastercard, we can offer families an AI-powered banking experience, educational materials, and additional security.
Furthermore, the solution provides savings plans, cashback, and discounts on educational, entertainment, healthcare, and virtual investment products. Families can also get special products including installments, loans, and other services that assist in the control of expenses and financial planning.
The partnership between Mastercard and LikeCard is to incorporate financial knowledge into the everyday lives of families to help in the production of more stable and sustainable financial futures for households in the MENA region.
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