The Israel Postal Company for the first time launched prepaid cards in shekels and in foreign currency for youth from the age of 16. Each card can be loaded up to NIS 2,500 ($700) a month, even in foreign currencies.
The cards, which will be marketed through the Postal Bank, will not linked to bank accounts or to existing credit cards and are therefore less vulnerable to theft or fraudulent use. Money is insured, and in case of theft it will be returned to the customer.
The cards can be obtained at any post office, and are issued in the owner's name, on condition that the youth present an identity card. The cards - from MasterCard or Visa International - look like credit cards, and can be pre-loaded by credit card, cash, or bank transfer, for up to NIS 2,500 a month. There is a one-time NIS 45 ($12.60) fee to issue the card, which is then valid for 5 years.
A loading fee of 2% per shekel and 1% VAT will apply, but there are no business transaction fees and the remainder of the money can be used at a later date.
The Visa cards claimed in dollars and are suitable for overseas travel and online purchases. The MasterCard card, which can be loaded in three currencies, is valid for purchases on the Internet and for use in European countries. Both cards will be usable in hundreds of thousands of businesses and ATMs in Israel and abroad, as well as for online on Israeli and international sites.
According to Danny Goldstein, CEO of Israel Post, "The State of Israel is a world leader in the field of online commerce, and we see that the age of purchasers on the net is falling. The cards will afford youth maximum independence and offer parents control the expenses and peace of mind. Thus, young people and young people will learn to conduct themselves financially in a wise and responsible manner, without exceeding their budgets."
A survey conducted by the Israel Postal Company last month through the Shiluv I2R Institute for the launch of the tickets shows that 92% of the youth aged 16-18 are shopping online at least once every two or three months. The purchases at overseas sites are double the purchases in Israel.